PDVSA to Issue US$3.5bn in Bonds Q1
Venezuela's state oil firm PDVSA will issue bonds for some US$3.5bn during the first quarter of 2007, state news agency ABN reported finance minister Rodrigo Cabezas as saying.
"We announce a strategy of being able to finance part of what is in the nation's budget via debt [bought by] Venezuelans with their own savings and also with an element of restricting liquidity in the domestic market," the minister said.
Cabezas and PDVSA are promoting bonds as a way to encourage Venezuelans to save more and to absorb excess liquidity that is pushing inflation to the rate of 2% a month.
PDVSA has announced that it will contract at least US$4.5bn of new debt this year, including US$1bn from a syndicated line of credit led by bank BNP Paribas.
Visit BNamericas to access our real-time news reports, 10-year archive, Fact File company database, and latest research reports. Click here for a Free two week trial to our Latin America Oil & Gas information service.
Operates 14 Offshore Rigs
Manages 26 Offshore Rigs
- Union Leader: PDVSA's Amuay Refinery Halts Distillation Unit (Nov 30)
- Venezuela's PDVSA To Tap Oil Customers To Pay $449MM To ONGC (Nov 15)
- Venezuelan Oil Output Heads to 29-Year Low as Cash Crunch Grows (Nov 10)