Thursday, 23 June 2011

PDVSA needs more money

In a Russian newspaper, Kommersant, you can read how Venezuela's state oil company, PDVSA, is flirting with TNK-BP, a Russian oil company.

The Venezuelan company is offering TNK-BP 40% of PetroMongas's share from today's 17%. But here you have the catch: it all depends on how the ongoing litigation with ExxonMobil goes and on the share price.

The Russians think this would mean about 150,000 to 200,000 barrels a day. Setty's verdict: PDVSA is short of more time.

And you can also read in El Universal how PDVSA wants to open up the 2022 bonds for 1.5 billion dollars.  By Toutatis, this is in the middle of Venezuela's longest and largest oil boom.

This picture does NOT show the Venezuelan government. I repeat: it does not show the Venezuelan goverment. It is a representation of a black hole in front of the Large Magellanic Cloud

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