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Re: mick post# 19

Thursday, 04/13/2017 8:26:46 AM

Thursday, April 13, 2017 8:26:46 AM

Post# of 28
Venezuelan state oil company eludes default

Venezuelan state-owned oil company PdVSA paid $2.23B in bond principal and interest due Wednesday, beating back a threatened default as the country’s oil revenue dwindles.

Last year, PdVSA pledged 50% of its U.S. downstream subsidiary Citgo as collateral for a debt restructuring, and deployed the other half as collateral to obtain a $1.5B credit from Russian oil firm Rosneft.

Last month, PdVSA offered Rosneft (OTC:RNFTF) a 10% stake in its 120K bbl/day Petropiar heavy crude project, but existing minority partner Chevron (NYSE:CVX) has a right of first refusal for the stake; there is no indication that any part of the transaction has been executed.

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