Tag: PDVSA

• Wednesday, February 14th 2018 - 09:48 UTC

  PDVSA bonds should be traded as in default, recommends EMTA

  

  Emerging markets trade group EMTA has recommended that bonds issued by Venezuela’s state-owned oil firm PDVSA should be traded flat or without accrued interest, the way bonds in default are typically traded.

• Wednesday, February 14th 2018 - 09:36 UTC

  Five ex PDVSA officials on trial in Houston for US$ 1 billion graft probe

  

  U.S. prosecutors announced charges against five former Venezuelan officials accused of soliciting bribes in exchange for helping vendors win favorable treatment from state oil company PDVSA, the latest case to stem from a US$1 billion graft probe.

• Saturday, December 30th 2017 - 11:49 UTC

  Fire in the Venezuela’s biggest refinery

  

  A fire was registered late Friday at the Refining Complex of Amuay, northwest of Venezuela. The accident baddly affected a distiller. El secretary of the Petroleum’s workers federation, Iván Freites, denounced irregularities due to the lack of maintenance and investment in the oil industry by the State’s PDVSA

• Wednesday, December 27th 2017 - 14:54 UTC

  Gasoline, another kind of business in Venezuelan scarcity

  

  It is paradoxical how a country with the largest oil reserves in the world has a shortage of gasoline. Of course, Venezuela does not produce gasoline as such, but sells crude oil and imports gasoline, so with the sanctions imposed by various nations and the very crisis that PDVSA (State Company) suffers - which according to the unions works approximately 13% of its capacity- complicate the problem.

• Tuesday, December 19th 2017 - 11:38 UTC

  Venezuela awards Russia's Rosneft two major offshore gas fields

  

  Venezuela has awarded licenses to a unit of Russian oil major Rosneft to develop two offshore gas fields, Rosneft said in a statement.Venezuelan President Nicolas Maduro signed the deal during a visit to Venezuela by Rosneft CEO Igor Sechin, it said.

• Monday, December 18th 2017 - 13:35 UTC

  Russia again becomes main supplier of oil for Cuban refinery

  

  Venezuela has pulled out of a partnership with Cuba in its Cienfuegos oil refinery and the Caribbean island has taken full ownership of the plant, Cuban state media said. Venezuela is grappling with an economic crisis that already forced it to slash cheap oil shipments to Cuba, which has had a knock-on effect on the island’s ailing economy.

• Friday, December 8th 2017 - 06:18 UTC

  Chinese government oil company suing Venezuela's PDVSA in US courts

  

  China Petroleum & Chemical Corp., the state-controlled oil company, is suing Petroleos de Venezuela SA in U.S. courts for unpaid bills. Sinopec, as the Chinese company is known, also filed a request for arbitration against PDVSA at the International Chamber of Commerce, as it alleges damages of at least $23.7 million, according to court papers.

• Thursday, December 7th 2017 - 08:52 UTC

  Chavista heavyweight purged by Maduro, and blamed for PDVSA corruption

  

  Venezuela's former oil czar resigned as ambassador to the United Nations, on what he said were orders from President Nicolas Maduro, a sign of growing divisions in the ruling socialist party amid a deepening economic crisis.

• Monday, November 27th 2017 - 09:27 UTC

  PDVSA says it has started to repay interest on two bonds nearing default

  

  Venezuela's state-owned oil firm PDVSA said Friday it has started to repay US$233 million in interest on two bonds nearing default, days before the end of the 30-day grace period. Writing on Twitter, the company announced “the transfer process was started to pay the interest on the PDVSA 8,5% 2020 Bonds and the PDVSA 6% 2022 Bonds.”

• Monday, November 13th 2017 - 07:17 UTC

  Venezuela summons bond holders to a creditors' meeting in Caracas

  

  Venezuela's foreign debt renegotiation committee will meet with creditors at 2 p.m. (1800 GMT) on Monday at the government's “White Palace” in downtown Caracas, the finance minister said on Saturday.