PDVSA gets $2B Credit Line

Posted by Greg Trauthwein
Wednesday, May 21, 2014

Venezuelan state oil company PDVSA on Wednesday said it had been granted a total of $2 billion in credit lines by oilfield services companies Halliburton Co, Schlumberger NV and Weatherford International Ltd.

"What we have signed is for the companies to increase activities in our country, in some cases doubling them," PDVSA President and Energy Minister Rafael Ramirez said at a ceremony in the western city of Maracaibo.

By giving credit lines to PDVSA, the companies will be able to increase their service contracts with OPEC member Venezuela.

The deal may allow PDVSA, whose cash-flow problems are well known, to postpone payments of accumulated debts to its main service providers. Last year, it signed a similar agreement with Schlumberger after accumulating pending debts of almost $1 billion.

PDVSA finances most of the socialist government's spending and does not receive cash for a third of its crude and products exports due to debt agreements and international supply pacts.

In 2012, PDVSA had accumulated $16.5 billion in debts to providers, but it has not released updated numbers since. Ramirez did not say when the new $2 billion credit would be effective or give details of the interest rate agreed.

(Reporting by Alexandra Ulmer in Maracaibo, and Diego Ore in Caracas; Writing by Andrew Cawthorne and Marianna Parraga; Editing by Eric Walsh)

Maritime Reporter June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Kenya's Mombasa Port Traffic Up 13% in H1

Container traffic through Kenya's biggest port grew by 12.8 percent in the first six months of the year after new cargo handling infrastructure was built to shorten the turnaround time for ships.

Orica Fined Heavily for Australian Pollution Incidents

Orica Australia Pty Ltd has been convicted and penalised $768,250 in relation to charges brought by the NSW Environment Protection Authority (EPA) for pollution

DMR Publish Latest Container Census Report

Drewry Maritime Research (DMR) says it has just published it's latest Container Census report, providing a wealth of information on the container equipment market.

Energy

Total E&P is First to Use FROG-XT4

Total E&P is the first to use Reflex Marine’s newly developed FROG-XT4 on the Odudu field in Nigeria. The French operator purchased the crew transfer device

Mass Flow Metering System for MFO delivery in Singapore

As the world's leading bunkering port Singapore is to provide quality bunkering services to vessels lifting bunkers in the port. The use of the Mass Flow Metering

New Standard gets Revised Program for Cooper Basin Approved

New Standard Energy Limited (New Standard) advises that it has received approval for amendments to its five year work program in PEL570 in the Cooper Basin. As part of the revised program,

Offshore Energy

Total E&P is First to Use FROG-XT4

Total E&P is the first to use Reflex Marine’s newly developed FROG-XT4 on the Odudu field in Nigeria. The French operator purchased the crew transfer device

Russia, China May Develop Floating Nuclear Power Plants

Russia and the world's top energy user China may jointly develop six floating nuclear power plants (NPPs), Russia's nuclear export body said on Tuesday, a further

Floating Production: $1.2b Speculative FLNG Ordered

The floating production business continues to be very strong, particularly in the LNG gas processing sector.  Last month saw a speculatively ordered floating liquefaction plant – a $1.

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Offshore Oil Pod Propulsion Port Authority Ship Repair Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0861 sec (12 req/sec)