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March 7, 2008 |
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PETROLEOS DE VENEZUELA: Foreign Clients Must Pay Through Bank Petroleos de Venezuela SA has instructed foreign clients to pay their purchases by making deposits in Banco Central de Venezuela's account in Switzerland's UBS bank, El Universal reports. Banco Central de Venezuela agreed with Petroleos de Venezuela to make the oil-related deposits in the UBS account that they own jointly so they can determine what the payments for the oil company's sales are, El Universal says, citing sources. Traders told El Universal that over the last few weeks they made the payments to that account, after a court order froze a US$315 million account of Petroleos de Venezuela's Cerro Negro in the New York Bank at the request of US oil company Exxon Mobil. Petroleos de Venezuela has an ongoing dispute with Exxon Mobil over an asset freeze order issued by the London High Court, among others. Petroleos de Venezuela SA -- http://www.pdv.com/ -- is Venezuela's state oil company in charge of the development of the petroleum, petrochemical and coal industry, as well as planning, coordinating, supervising and controlling the operational activities of its divisions, both in Venezuela and abroad. The company has a commercial office in China. PDVSA is one of the top exporters of oil to the US with proven reserves of 77.2 billion barrels of oil -- the most outside the Middle East -- and about 150 trillion cu. ft. of natural gas. PDVSA's exploration and production take place in Venezuela, but the company also has refining and marketing operations in the Caribbean, Europe, and the US. * * * As of Feb. 14, 2008, Fitch Ratings held Petroleos de Venezuela SA's long-term issuer default rating and local currency long term issuer default rating at BB-. Fitch said the ratings outlook was negative. |
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