NEWS
ECONOMY   Stocks  

PdV pays 2020 bond debt tied to Citgo

Venezuelan state-owned PdV paid $949mn in principal and interest on a 2020 bond, the only one of its debt issuances that is not in default, financial sector executives told Argus.

The payments, which had been expected despite the company´s severe financial distress, saves PdV from potential bondholder claims on its US refining subsidiary Citgo. The payments were due on 27 October.

The bond payments include $842mn in principal and $107mn in interest.

The 2020 bond is secured by 50.1pc of the shares of Citgo´s indirect parent company PdV Holding. The other 49.9pc is pledged to Russian state-controlled Rosneft for an oil-backed loan of $1.5bn.

Citgo´s fate remains cloudy because of a separate court action by former Canadian mining company Crystallex, which is seeking to enforce an arbitration claim for the takeover of its gold mining assets in Venezuela.

PdV will owe another $71mn in interest in April 2019 and $842mn in principal in October 2019 on the 2020 bond.

News No: 2471
Date: 2018/10/29 - 23:09
News Source: Argus Media

PdV  Citgo  Venezuelan 

Comments:

Leave a Comment:

   
   
   
 

OPEC Output Drops Further in February

OPEC oil supply fell to a four-year low in February, a Reuters survey found, as top exporter Saudi Arabia and its Persian Gulf Arab allies over-delivered on the group’s supply pact while Venezuelan output registered a further involuntary decline.
 

US considers next steps on Venezuela crisis

A month after the US administration imposed sanctions on Venezuela's national oil company PdV, expectations for a quick power transition in Caracas have faded, leaving Washington to consider its next steps.
 

US sanctions pull plug on Citgo Aruba project

A $1.1bn Venezuelan project to refurbish a mothballed refinery on the Dutch-controlled island of Aruba has derailed because of US sanctions on national oil company PdV.
 

Oil Market Forecasters Bearish on 2019

The three most closely watched oil market forecasters are all bracing for a significant upsurge in non-OPEC supply growth in 2019 but differ on the extent that global oil supply will outweigh demand.
 

India Advises Refiner to Avoid US System for Venezuela Crude Purchase

India has asked one buyer of Venezuelan oil to consider paying the South American nation’s national oil company PDVSA in a way that avoids the US financial system, an Indian government source said, after Washington imposed fresh sanctions on Venezuela last month.
 

Venezuela Courting India to Strengthen Oil Ties

Venezuela's oil minister is in New Delhi this week hoping to convince India's key refiners to buy more of its crude and forge closer ties as the South American nation finds itself internationally isolated after the US imposed crippling sanctions on state-owned PDVSA last month.
Upcoming Events
Publications
 Mines & Metals

Mine & Business Today

 Scrap & Recycling

Ahangan

Our partners