Sunday, June 28, 2009

Venezuela to Borrow to Pay Oil Debts

Venezuelan Oil Minister Rafael Ramirez' announcement that the state will borrow more money to help pay off national oil company debts follows the disclosure by President Hugo Chavez of a letter urging Moscow to cooperate in selling oil at $100 a barrel.
State petroleum company Petroleos de Venezuela has run up billions of dollars in debts to contractors since global oil prices began tumbling nearly a year ago. Although denying that PDVSA had cash-flow problems.....Complete Story

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