Venezuelan State Oil Company Announces Payments On Certain Bonds
Faizan Hashmi Published December 15, 2017 | 12:10 PM
Struggling Venezuelan state oil company PDVSA says it has begun paying $539 million in interest payments on four bonds hours before a grace period expires
Caracas, (UrduPoint / Pakistan Point News - 15th Dec, 2017 ) :Struggling Venezuelan state oil company PDVSA says it has begun paying $539 million in interest payments on four bonds hours before a grace period expires.
The company, source of 96 percent of the country's foreign revenues, was declared in partial default by global rating agencies earlier this month and in November when it failed to make payments on certain bonds.
It informed bondholders in a statement on Twitter that on Thursday it began "the transfer process" for the payment of PDVSA bonds maturing in 2026, 2024, 2021 and 2035. The grace period for making those payments runs out between Friday and Sunday.
"We ratify the solvency and solidity of our oil industry, in a struggle against the illegal imperial sanctions," it said.
The company was referring to sanctions imposed by the United States that bar US persons from engaging in transactions involving new Venezuelan debt.
President Nicolas Maduro's leftist government says the sanctions are causing the delays in debt payments. PDVSA's debt accounts for about 30 percent of the country's estimated $150 billion foreign debt, which Maduro is seeking to refinance.
Although it has the world's largest oil reserves, Venezuela's hard Currency reserves have dwindled to about $10 billion and it must pay out eight billion to service its debt in 2018. Once one of the wealthiest countries in Latin America, Venezuela has been locked in a downward economic spiral, battered by hyperinflation, shortages and political unrest.
Related Topics
Recent Stories
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 28 April 2024
Today Gold Rate in Pakistan 28 April 2024
Fresh wave of rainfall in AJK continues for the second consecutive day
Babar, bowlers help Pakistan level series 2-2 against New Zealand
Attack in restive Chilean province leaves three police officers dead
PM, Saudi Royal court advisor discuss ways to boost economic ties
England clinch third successive Women's Six Nations Grand Slam
DC Bahawalnagar leads fight for fair bread prices
Sheffield Utd relegated from Premier League
02 proclaimed offenders arrested by Wah Police
Pakistan level T20I series with nine-run victory over New Zealand
Minister meets Chinese Consul General, discusses bilateral cooperation, Chinese ..
More Stories From Business
-
PSMA for early decision regarding sugar export
6 hours ago -
Experts propose policy reforms for economic revival
7 hours ago -
Rice exporters organize medical camps for agri-families, farmers
10 hours ago -
Two-day 'Tashkent International Investment Forum' to start on May 2
10 hours ago -
Customs team lauded for seizing mis-declared containers
12 hours ago -
PFC sends budget proposals to ministries, FBR: Mian Kashif
13 hours ago
-
3rd Pak-Kyrgyzstan Investment Conference to be held in May
13 hours ago -
NPO to organize workshop on ‘mastering talent acquisition: strategies for success'
13 hours ago -
China's e-commerce logistics index rises in March
14 hours ago -
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 28 April 2024
18 hours ago -
Today Gold Rate in Pakistan 28 April 2024
19 hours ago -
Cotton to be sown on 4m acres this year
1 day ago