Related Articles
Forward article link
Share PDF with colleagues

Venezuelan crunch time

Venezuela faces steep bond payments before the end of the year. It is looking to Russia to help keep it from default

27 October will be a tense day for Venezuela's cash-strapped state oil company PdV and its bondholders. The company owes $0.84bn in principal payments on its PDVSA 2020 bond on the day. Unlike some other PdV debt, the 2020 bond does not have a provision for a grace period, so if PdV can't come up with the cash on the day, or there is a hiccup making the transfer to its payment agent Delaware Trust Company, PdV would be in default and one of the world's top oil producers would be plunged into a highly complex legal battle with its bondholders that would likely seize up its international business. The 27 October transaction is one of a string of payments PdV will have to make to bondholders to

Also in this section
UK's unclear post-Brexit emissions strategy
23 March 2018
The shape of future EU carbon trading hangs in the balance
North Sea oil and gas bounce may be short-lived
22 March 2018
The UK oil industry’s trade body is cautious over prospects for the maturing oil province
Qatar keeps on keeping on
21 March 2018
With the energy sector operating normally, the country is adjusting to life under sanctions