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Latin American Economy & Business - August 2016 (ISSN 1741-7430)
Venezuela: Kicking the debt bill down the road
Press reports in late July indicated that the state-owned oil company Petróleos de Venezuela SA (Pdvsa) was in negotiations to roll over the US$4.38bn in debt coming due in the second half of 2016, of which US$4.2bn matures in the fourth quarter. Together with other developments, this confirms our view that the Venezuelan government sees maintenance of Pdvsa’s liquidity and solvency as its paramount policy objective. However, both the government, and Pdvsa, face the additional challenge of falling production volumes at the oil company.
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