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PDVSA still mulling over domestic debt issuance
El Universal
CARACAS
Petroleumworld.com 09 12 06Venezuelan state oil firm Pdvsa is still pondering the possibility to issue debt bonds domestically in order to finance oil plans in the country, Energy and Petroleum minister Rafael Ramírez said on Monday.
"A likely issuance of bonds is under consideration. This could be an opportunity to increase domestic savings and curb liquidity," Ramírez claimed in a press release.
Such a transaction would be coordinated by the Finance Ministry and the Central Bank of Venezuela.
Financial sources suggested that Pdvsa could issue dollar-denominated bonds for purchase at the official exchange rate of VEB 2,150 per USD. Under this scheme, investors could purchase USD dollars amid stringent exchange controls in force since 2003.
Pdvsa bought back USD 83 million in corporate debt in the US market, in a move that terminated the state holding's obligations to the Securities and Exchange Commission.
Pdvsa's foreign debt amounted to USD 3.16 billion at the end of April, according to Pdvsa director Eudomario Carrullo.
El Universal 11 09 06
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