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Fitch: Venezuela may become a defaulter
El Universal
CARACAS
Petroleumworld.com 01 31 06
Lending agreements for about USD 4.0 billion would be infringed if the Venezuelan Government takes over unilaterally four projects to enhance oil in the Orinoco oil belt, said Monday Fitch international ratings agency.Venezuela discontinued this month discussions with foreign oil companies as part of an aggressive nationalization campaign to take over at least 60 percent of the projects in the Orinoco oil belt. However, the Government has promised to fulfill its financial obligations, Reuters reported.
The plants, which turn heavy crude oil into approximately 600,000 bpd of synthetic oil, form an integral part of a partnership including state-run oil holding Petróleos de Venezuela (Pdvsa) and giant corporations, such as US Exxon Mobil and Conoco Phillips.
The loans include restrictions on transfer of owners and violation of such terms could result in default, said Fitch analyst Gersan Zurita.
"Any transfer of ownership by the parties to the agreements, including Pdvsa or any other, should be made in accordance with the so-called agreement on transfer restriction," Zurita explained during a telephone conversation.
El Universal 31 01 07
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