From Merco Press on Venezuela

Resultado do Imperialismo ou falta de compreensao de como promover um projeto de “esquerda”?

Maduro Desperately Selling Assets to Pay US$ 3.7bn in Debts

March 24, 2017

Source: MercoPress

In an effort to handle its overdue debts, Venezuela is all but giving away oil assets. President Nicolás Maduro is reportedly so desperate to pay the US$ 3.7 billion in debts that he is selling off the assets to Russia.

They offered to sell Russia a share of PetroPiar, which is 30% owned by Chevron and which PDVSA has a 70% stake in. It also expropriated ConocoPhillips’ 40% shareholdings, which has not been paid yet.

Likewise, PDVSA offered Rosneft 10% of a project developed to extract the extra-heavy oil from the Orinoco Oil Belt.

If the transactions go through, Chevron would be affected negatively, as it would be associating with Rosneft, a company that faces sanctions imposed by the United States.

Venezuela has also reportedly been talking to a Japanese investment bank to try to obtain fresh funds.

Venezuela managed to pay US$ 725 million in overdue debt last month, but with difficulty, as it came 30 days late.

Tags: assets, debt, latam, maduro, oil and gas, venezuela
Posted in LatAm, Macro Economics, Macro Economics


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