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Venezuelan oil company shifts to euro
CARACAS
Petroleumworld.com, Mar 17, 2008
Venezuela's Energy Minister Rafael Ramirez has confirmed that the state oil company PDVSA now has oil contracts in euros as well as US dollars.
On Thursday an oil trader revealed that the PDVSA recently closed a deal in euros and the minister's comments confirm that this is part of a broader strategy.Venezuela wants to be less dependent on the US dollar, which is continuing to lose value against other currencies. President Hugo Chávez of Venezuela has also urged other oil-producing companies to abandon the US dollar but so far has only won the backing of Iran.
Story from Radio Netherlands
Radio Netherlands 14 03 08Copyright© 2008 respective author or news agency. All rights reserved.
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