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2017-09-11 12:25:00

VENEZUELA'S RESTRUCTURING

VENEZUELA'S RESTRUCTURING

FTVenezuela has invited international bondholders to negotiations over its foreign debt as the government in Caracas seeks to mitigate the impact of US sanctions and survive a deepening economic crisis.

"In the next two weeks all holders of Venezuelan public debt that have been negatively affected by the decisions of Donald Trump and [head of the Venezuelan parliament] Julio Borges . . . are invited to several rounds of negotiations," Nicolás Maduro, the country's president, said.

Almost three-quarters of the bondholders were from the US and Canada, Mr Maduro told the government-controlled constituent assembly on Thursday.

Russia, a critical lender to the South American country, confirmed that it had been asked to help with a restructuring. Moscow has extended state loans as well as financial assistance from Rosneft, the Kremlin-controlled oil producer, to Venezuela's state-owned PDVSA.

"There was a request from our colleagues in Venezuela to carry out a restructuring," Russian finance minister Anton Siluanov said. "There are difficulties in fulfilling the debt."

Mr Siluanov said discussions were taking place within the Paris Club of creditors and "on the other hand, we are directly engaged in bilateral contacts in order to work out a mechanism for restructuring the debt."

The Russian state is owed around $2.8bn by Venezuela. "I am confident that we will find acceptable solutions with Venezuela," the minister told reporters.

Venezuela and oil company PDVSA have around $4bn in debt maturities and interest to pay in the remainder of this year. Its foreign reserves have dwindled to around $10bn, much of it in gold.

The US recently hit Venezuela with financial sanctions that in effect blocked it from raising more money from international bond markets and also rendered a bond restructuring a practical impossibility. That has led some investors to bet that Venezuela will try to stay current on its bonds any way it can, including seeking deals with sovereign creditors such as Russia and China.

Venezuela's financial and economic plight became acute after oil prices plunged in 2014. Investors have speculated that it is only a matter of time before the country was forced to default and restructure its debts.

However, concerns that a default on its international bonds would trigger creditor lawsuits in New York and London — potentially allowing creditors to seize Venezuela's vital oil export revenues — has spurred Caracas to insist it will keep paying bondholders.

The cost of servicing about $100bn of bonds and loans at a time of subdued oil prices has forced the Venezuelan authorities to conserve dollars by dramatically crimping imports on basic goods, worsening an already acute humanitarian crisis.

Rosneft extended $1bn in additional credit to PDVSA this year in the form of prepayments for oil supplies, bringing total lending to its Venezuelan counterpart to $6.5bn.

Last month Rosneft said PDVSA had repaid around $750m of that in oil shipments and $500m in interest payments, taking the total outstanding to $5.7bn, plus $300m in unpaid accrued interest. All outstanding obligations are scheduled to be settled by the end of 2019, the Russian company said.

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Earlier:

RUSSIA:

   

 VENEZUELA:

 

U.S. - RUSSIA BLOCK IN VENEZUELA

U.S. - RUSSIA BLOCK IN VENEZUELA 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, ...
2017-09-04
       

U.S. - VENEZUELA SANCTIONS

U.S. - VENEZUELA SANCTIONS U.S. - VENEZUELA SANCTIONS U.S. - The Trump administration imposed new sanctions prohibiting trading new debt and equity issued by the Venezuelan government and state oil company PDVSA. U.S. - The Trump administration impos ...
2017-08-28
 

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2017-07-17
     

IRAN & VENEZUELA: STRATEGIC PARTNERS

IRAN & VENEZUELA: STRATEGIC PARTNERS IRAN & VENEZUELA: STRATEGIC PARTNERS Over the course of the past year, Iran and Venezuela had very close stances and we were supportive of each other in many instances, said the Iranian official. Over the course o ...
2017-02-08
 

IRAN, RUSSIA STRATEGIC PARTNERSHIP

IRAN, RUSSIA STRATEGIC PARTNERSHIP IRAN, RUSSIA STRATEGIC PARTNERSHIP The Joint statement made by President Hassan Rouhan and Russian leader Vladimir Putin after their meeting in the Kremlin on Tuesday underscores the two countries strategic partners ...
2017-03-31
     

VENEZUELA AGAINST CORRUPTION

VENEZUELA AGAINST CORRUPTION VENEZUELA AGAINST CORRUPTION Venezuelas president on Sunday created an executive vice president post and named new vice presidents to lead PDVSA in what he described as a shake-up of the state oil company and an effort to ...
2017-01-30
 

RUSSIA'S OIL SUCCESS

RUSSIAS OIL SUCCESS RUSSIAS OIL SUCCESS For every one dollar reduction in the price of oil, Russiasuffers a staggering two billion dollar loss in its revenue. On top of the economic sanctions slapped on Russiafollowing the annexation of Crimea, one ...
2017-01-13
     

VENEZUELA WILL CUT 95 TBD

VENEZUELA WILL CUT 95 TBD VENEZUELA WILL CUT 95 TBD Venezuela said on Tuesday it will cut 95,000 barrels-per-day of oil production in the New Year in fulfilment of a producers deal to reduce global output and strengthen prices. Venezuela said on Tues ...
2016-12-28
 

 

RUSSIA CUTS PRODUCTION BY 2.5%

 

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2016-12-26

 

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2016-11-30
     

VENEZUELA NEED MONEY

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BRAZIL & VENEZUELA IN SHOCK

BRAZIL & VENEZUELA IN SHOCK 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 ...
2016-04-20

 

 

 

Tags: VENEZUELA, RUSSIA, ROSNEFT, PDVSA

Chronicle:

VENEZUELA'S RESTRUCTURING
September, 22, 09:20:00

OIL PRICE: NOT ABOVE $57

International benchmark Brent crude futures were at $56.51 a barrel at 0644 GMT, up 8 cents, or 0.14 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were up 12 cents, or 0.24 percent, at $50.67 per barrel.

VENEZUELA'S RESTRUCTURING
September, 22, 09:15:00

СОТРУДНИЧЕСТВО АЛЖИРА И РОССИИ

Руководители энергетических ведомств России и Алжира обсудили состояние и перспективы двустороннего сотрудничества, а также совместную деятельность в многосторонних форматах, в том числе взаимодействие в рамках Форума стран-экспортеров газа. Также речь шла о взаимодействии в рамках соглашения ОПЕК+ по сокращению объемов добычи нефти. Стороны подтвердили приверженность исполнению взятых обязательств по достижению скорейшей ребалансировки нефтяного рынка.

VENEZUELA'S RESTRUCTURING
September, 22, 09:10:00

ГАЗ РОССИИ ДЛЯ МАРОККО

Александр Новак отметил, что Россия занимает лидирующие позиции в мире в области топливно-энергетического комплекса, в частности, первое место по добыче нефти, второе место по добыче газа. «При этом Россия - номер один по экспорту газа. Мы добываем 670 млрд кубических метров газа, из них 220 млрд поставляем в другие страны различными способами – трубопроводным и сжиженным», - подчеркнул Министр.

VENEZUELA'S RESTRUCTURING
September, 22, 09:05:00

НОВЫЕ ТЕХНОЛОГИИ РОССИИ

Кирилл Молодцов также сообщил о применении новых технологий в сфере нефтегазодобычи. «Из общего количества технологий, а их насчитывается примерно 600, более 300 производятся в России. Более двухсот имеют российские наработки и аналоги, то есть практически имеют стадию разработки проекта. Есть технологии, которые нас сильно волнуют, и мы будем развивать их дальше. Это абсолютно автономные системы добычи, окончание морских месторождений, забуривание, возможности создания и развития проектов в Арктике», - заключил Кирилл Молодцов.

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