Venezuela Now Demands Euro Payment in a Few Oil Deals

CARACAS, March 14, 2008 (Dow Jones Newswires)

Venezuela's Petroleos de Venezuela, PdVSA, is now demanding euros instead of dollars in payment for some oil sales, a company spokeswoman confirmed Friday.

"Oil Minister Rafael Ramirez has noted that PdVSA has has worked on some deals to make sure it receives european currency as payment," a spokeswoman for PdVSA confirmed.

No details were made available regarding what kind of oil deals are included in this new payment form.

A move towards euros comes after President Hugo Chavez and Minister Ramirez have long vowed to move away from U.S. currency to price the country's oil.

Venezuela and Iran have both been strong advocates within the Organization of Petroleum Exporting Countries, OPEC, to adopt a currency basket as a way to price the crude of member countries. So far the proposal has failed to gain traction.

CARACAS, March 14, 2008 (Dow Jones Newswires)

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