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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:

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 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.

 

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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.

 

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2016, April, 20, 17:45:00

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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

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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, September, 24, 15:05:00

SAUDI ARAMCO WANTS +50%

ARAB NEWS - Saudi's Aramco Trading Company (ATC) expects to increase its oil trading volume to 6 million barrels per day (bpd) in 2020, 50 percent higher than current levels, the company's top official said on Monday.

VENEZUELA'S SELECTIVE DEFAULT
2018, September, 24, 15:00:00

U.S. RIGS DOWN 2 TO 1,053

BAKER HUGHES A GE - U.S. Rig Count is down 2 rigs from last week to 1,053, with oil rigs down 1 to 866, gas rigs unchanged at 186, and miscellaneous rigs down 1 to 1. Canada Rig Count is down 29 rigs from last week to 197, with oil rigs down 13 to 135 and gas rigs down 16 to 62.

VENEZUELA'S SELECTIVE DEFAULT
2018, September, 21, 11:00:00

OIL PRICE: NEAR $79 STILL

REUTERS - International benchmark Brent crude for November delivery LCOc1 was up 26 cents, or 0.33 percent, at $78.96 a barrel by 0647 GMT. U.S. West Texas Intermediate crude for October delivery CLc1 was up 7 cents, or 0.10 percent, at $70.39 a barrel.

VENEZUELA'S SELECTIVE DEFAULT
2018, September, 21, 10:55:00

RUSSIA'S OIL PRODUCTION: 11.3 MBD

BLOOMBERG - Russia's oil output is currently fluctuating between 1.54 million and 1.55 million tons a day -- driven mainly by state-run giant Rosneft PJSC -- the official said, asking not to be named as the information isn’t public yet. That equates to 11.29 million to 11.36 million barrels a day, beating the previous record of 11.25 million barrels a day set in October 2016 before Russia agreed with the Organization of Petroleum Exporting Countries to cut production.

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