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April 21, 2008 |
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PETROLEOS DE VENEZUELA: Gov't Inks Three Oil Supply Contracts The Venezuelan government, which runs Petroleos de Venezuela SA, has signed three contracts for monthly supply of 1.48 million barrels of oil to Bolivia, Nicaragua, and Haiti, Prensa Latina reports. Prensa Latin relates that the signing of the contracts is made under Venezuela's Bolivarian Alternative for the Americas, an international cooperation organization based on the idea of social, political, and economic integration between the countries of Latin America and the Caribbean. The Venezuelan government initially proposed the initiative as an alternative to the US' Free Trade Area of the Americas. According to Bolivian daily Los Tiempos, the contracts establishes direct monthly supply of 250,000 barrels of oil and derivatives or their energy equivalents and special terms of payment like a 2% yearly interest rate. Prensa Latina notes that Petroleos de Venezuela's joint venture with Yacimientos Petroliferos Fiscales Bolivianos, Petroandina, will be responsible for the shipments. Petroleos de Venezuela also signed agreements with Yacimientos Petroliferos for the exploration of oil and gas in the north of La Paz and south east Bolivia, Prensa Latina adds. 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 is negative. |
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