Tag: PDVSA

Friday, November 3rd 2017 - 07:58 UTC
Maduro announces “restructuring of all future debt payments”; default round the corner?

Venezuela on Thursday announced plans to restructure its burgeoning foreign debt, a move that may lead to a default by the cash-strapped OPEC nation whose collapsing socialist economy has left its population struggling to find food and medicine.
Monday, October 30th 2017 - 07:00 UTC
Venezuela makes last minute major bond payment, but 2018 service will demand US$ 10bn

Venezuelan state oil company PDVSA began making a major bond payment, easing short-term worries about default but leaving the populist government with less cash to attend to food shortages and economic depression.
Tuesday, October 24th 2017 - 06:58 UTC
Venezuela delaying debt payments: foreign reserves down to US$ 9.9 billion

One week before Venezuela faces a critical debt payment, the distressed country is already late on a series of smaller bills. The nation's state-owned oil giant, Petroleos de Venezuela, SA, has two major bond payments totaling about US$2 billion coming due in the next two weeks.
Saturday, August 26th 2017 - 08:17 UTC
Maduro reacts to Trump's sanctions: “we will sell our oil to other markets”

Venezuela's President Nicolás Maduro has said that a preliminary analysis shows that new financial sanctions imposed by the United States will lead to a halt in oil exports to the US. President Trump's order bans trade in Venezuelan debt and blocks its state oil firm from selling bonds in the US.
Friday, August 4th 2017 - 07:08 UTC
Venezuela diverting oil to Russia's Rosneft, ignoring contracts in the US

Venezuela's state-run PDVSA has reduced crude sales to its U.S. refining unit Citgo Petroleum while increasing supply to Russia's Rosneft, following a plan signed in May to catch up on overdue deliveries, according to PDVSA documents, sources from the company and its joint ventures.
Saturday, June 3rd 2017 - 11:59 UTC
Nomura Securities admits having purchased Venezuelan government bonds

Japanese investment bank has admitted it was part of a controversial deal with Goldman Sachs to buy Venezuelan government bonds. Nomura Securities said it also bought about US$100m worth of the bonds last week, according to Reuters reports. Goldman Sachs has faced fierce criticism for its purchase of $2.8bn worth of similar bonds.
Tuesday, May 2nd 2017 - 07:07 UTC
US Supreme Court rules in favor of Venezuela in dispute with US oil drilling company

The U.S. Supreme Court on Monday tossed out a lower court's ruling that had allowed a US oil drilling company to sue Venezuela over the seizure of 11 drilling rigs in 2010 but allowed the business another chance to press its claims.
Friday, April 21st 2017 - 10:00 UTC
Venezuela donated US$ 500.000 to the inauguration of President Donald Trump

Venezuela has donated US$500,000 to US President Donald Trump's inauguration, newly released records show. Citgo Petroleum, a US-based subsidiary of the Venezuelan state-owned oil company, is named in papers filed with the Federal Election Commission.
Thursday, April 20th 2017 - 23:21 UTC
Russian shipping conglomerate suing Venezuela's oil giant PDVSA for unpaid fees

Venezuela's state-run oil company, PDVSA, sent a tanker in October to the Caribbean with the expectation that its cargo of crude would fetch about US$20 million - money the crisis-stricken nation desperately needs. Instead, the owner of the tanker, the Russian state-owned shipping conglomerate Sovcomflot, held the oil in hopes of collecting partial payment on US$30 million that it says PDVSA owes for unpaid shipping fees.
Tuesday, April 4th 2017 - 09:55 UTC
Maduro gained his true objective: sweeping authority to cut oil deals on behalf of PDVSA

Venezuelan Supreme Court reversal decision to take over the opposition-led congress seems to have yielded to domestic and international pressure, but it still gives embattled populist President Nicolas Maduro broad new powers over the country´s vast oil wealth, which now appears to have been his true target.