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2017-11-14 17:55:00

VENEZUELA'S SELECTIVE DEFAULT

VENEZUELA'S SELECTIVE DEFAULT

REUTERSVenezuela's cash-strapped government said a plan to refinance some $60 billion of bonds was successfully underway after a creditors' meeting in Caracas, but a ratings agency declared the nation in selective default over missed coupon payments.

President Nicolas Maduro's negotiating committee met briefly on Monday with investors but offered no firm proposals on its intention to reformulate Venezuela's crippling foreign debt amid an unprecedented economic meltdown.

"The process of refinancing Venezuela's foreign debt began with resounding success," a government statement said late on Monday, amid the impact of U.S. financial sanctions and unfair assessments by international rating agencies.

The 100 or so participants in Monday's meeting included bondholders from Venezuela, the United States, Panama, Britain, Colombia, Chile, Argentina, Japan and Argentina, the statement said.

"The start of this refinancing of our debt ratifies our full intention to comply, as we have always done, with all our obligations," it said.

Bondholders, however, saw things differently.

Participants in the meeting came away still confused over how Venezuela plans to avoid a default, given the parlous state of its finances, and how any refinancing could be worked out given President Donald Trump's sanctions.

The U.S. measures essentially block the issuing of any new Venezuelan debt, while there are also sanctions on chief negotiators, Vice-President Tareck El Aissami and Economy Minister Simon Zerpa, for drug and corruption charges.

"Nothing of substance happened," said Raymond Zucaro, chief investment officer at Miami-based RVX Asset Management, who did not attend Monday's meeting. "The patient is still on a critical life support system."

Further complicating the situation, S&P Global Ratings declared Venezuela in selective default after it failed to make coupon payments on bonds due in 2019 and 2024 within a 30-day grace period. The agency warned there was a strong chance it would miss further payments within three months.

S&P said in a statement late on Monday that Venezuela had failed to make $200 million in coupon payments for its global bonds due 2019 and 2024 within a 30-calendar-day grace period.

Bondholders had told Reuters on Monday they had not yet received payments on the 2019 and 2024 bonds but remained unconcerned by the delay, which they said was partly due to increased bank vigilance of Venezuelan transactions in the wake of U.S. sanctions.

S&P said it had lowered Venezuela's long-term foreign currency rating to 'SD', and cut its long- and short-term foreign currency sovereign credit ratings on the Bolivarian Republic of Venezuela to 'SD/D' from 'CC/C.

"Our CreditWatch negative reflects our opinion that there is a one-in-two chance that Venezuela could default again within the next three months," S&P said in its statement.

The ratings agency said it would raise its long-term foreign currency sovereign issuer credit and issue ratings to 'CC' if Venezuela solved its default on the overdue coupons and remains timely on other payments before the restructuring is completed.

Four years of recession in the South American OPEC member, fueled by failing socialist economics and a plunge in global oil prices, has taken a punishing toll on Venezuelans.

Many citizens skip meals or suffer from malnutrition and preventable diseases because they cannot find food and medicine or simply cannot afford them due to triple-digit inflation.

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Earlier:

VENEZUELA'S OIL PRODUCTION DOWN
2017, November, 13, 10:25:00

VENEZUELA'S OIL PRODUCTION DOWN

Output is expected to slump to 1.84 million barrels a day next year, the lowest compared with official government data since 1989.

 

 VERY IMPORTANT VENEZUELA
2017, November, 7, 12:15:00

VERY IMPORTANT VENEZUELA

The step to restructure debt comes as Venezuela stands to receive more revenue for its oil. The country’s crude oil basket price rose to CNY350.75 ($52.90) a barrel Friday, the highest since July 2015. And Venezuela did approve a $1.1 billion principal payment on a PDVSA bond on Thursday.

 

 U.S. - RUSSIA BLOCK IN VENEZUELA
2017, September, 4, 12:10:00

U.S. - RUSSIA BLOCK IN VENEZUELA

The Trump administration is ready to block a Russian state-owned oil giant from gaining control of critical energy assets in the U.S. owned by Venezuela, senior American officials say, a move that likely would feed tensions between Washington and Moscow.

 

 VENEZUELA & CHINA: $50 BLN
2016, November, 18, 18:35:00

VENEZUELA & CHINA: $50 BLN

Venezuela has borrowed over $50 billion from China under a financing arrangement created by late socialist leader Hugo Chavez in 2007, in which a portion of its crude and fuel sales to the world's second-biggest economy are used to pay down loans.

 

 BRAZIL & VENEZUELA IN SHOCK
2016, April, 20, 17:45:00

BRAZIL & VENEZUELA IN SHOCK

South America’s two largest oil producing nations face bigger threats from political turmoil than depressed crude prices, but reforms in their national oil companies (NOC) and energy ministries may be essential for their governments to survive.

 

 МЕМОРАНДУМ РОСНЕФТИ И PDVSA
2015, June, 23, 18:00:00

ROSNEFT & PDVSA DEVELOPMENT

The parties confirmed their intention to create a joint venture for gas and condensate offshore production in Venezuela as part of Mariscal Sucre project. The signed document provides for performing of additional joint research aimed at selection of optimum plan of this project implementation.

 СОТРУДНИЧЕСТВО РОСНЕФТИ И PDVSA
2015, May, 28, 18:30:00

VENEZUELA & RUSSIA INVESTMENT: $14 BLN

Venezuela and Russia's top oil producer, Rosneft, have agreed on around $14 billion in investment in the South American OPEC country's oil and gas sector, President Nicolas Maduro said on Wednesday evening.

 

 

Tags: VENEZUELA

Chronicle:

VENEZUELA'S SELECTIVE DEFAULT
2018, January, 19, 12:15:00

S.KOREA'S DIVERSIFICATION

PLATTS - For full-year 2017, South Korea's crude imports from its biggest supplier Saudi Arabia fell 1.7% to 319.02 million barrels, compared with 324.45 million barrels in the previous year, customs data showed. On the contrary, South Korea has imported 1.77 million mt, or around 13 million barrels, of crude from the US in 2017, about four times higher than in 2016. Shipments from Russia grew to 140,000 b/d last year from 112,000 b/d in 2016.

VENEZUELA'S SELECTIVE DEFAULT
2018, January, 19, 12:10:00

ADNOC'S 2030 STRATEGY

AOG - ADNOC’s 2030 strategy, he said, aims to capitalise on predicted global economic growth and demand for oil and petrochemical products, particularly in non-OECD countries. As its business responds to changing market dynamics, the company will continue to broaden its partnership base, strengthen its profitability, adapt to new realities and expand market access.

VENEZUELA'S SELECTIVE DEFAULT
2018, January, 19, 12:05:00

TOSHIBA SELLS WESTINGHOUSE

WNN - Under the terms of the assignment and purchase agreement it has signed with Nucleus and Brookfield, Toshiba will sell its rights to assert claims against Westinghouse related to the parent guarantees in the amount of $5.788 billion, and on account of other claims Toshiba holds against Westinghouse in the amount of $2.284 billion to Nucleus, for the sale price of $2.160 billion.

VENEZUELA'S SELECTIVE DEFAULT
2018, January, 17, 23:50:00

OIL PRICES: NOT ABOVE $70 YET

REUTERS - Brent crude futures LCOc1 were at $69.23 a barrel at 0808 GMT, up 8 cents from their last close, but down from a high of $69.37 earlier in the day. Brent on Monday rose to $70.37 a barrel, its highest since December 2014, the start of a three-year oil price slump. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $63.84 a barrel, down from a high of $63.89 earlier, but up 11 cents from their last settlement. WTI hit $64.89 on Tuesday, also the highest since December 2014.

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