Menu
17/05/2022
A+ A A-

Venezuela's PDVSA saw debt rise to $34.9 billion in 2021

CARACAS, Jan 19 (Reuters) - Venezuelan state oil company PDVSA's consolidated financial debt rose 1.2% - some $400 million - to $34.9 billion last year, according to a statement published in government media on Wednesday.

Around three quarters of PDVSA's (PDVSA.UL) outstanding debt as of the end of 2021 were related to loans taken out by the parent company, mainly bonds, according to the statement published in state newspaper Correo del Orinoco.

The rest of the debt came from bonds and loans taken out by subsidiaries and joint ventures, it added. PDVSA halted payments to bondholders and many other creditors after it was subject to U.S. financial and trade sanctions.

Opposition-controlled boards supervising Citgo Petroleum, PDVSA's main foreign subsidiary, last year hired JP Morgan Chase & Co (JPM.N) to explore payment negotiations with creditors.

Read more: Reuters