Venezuela Scrambles to Sell Off Oil Assets and Avoid Default

By: Sabrina Martín - @SabrinaMartinR - Mar 22, 2017, 1:33 pm
Venezuela Scrambles to Sell Off Oil Assets
“There are doubts whether Venezuela has enough funds to avoid debt default.” (La Patilla)

EspañolIn an effort to handle its overdue debts, Venezuela is all but giving away oil assets.

President Nicolás Maduro is reportedly so desperate to pay the US $3.7 billion in debts that he is selling off the assets to Russia.

They offered to sell Russia a share of PetroPiar, which is 30-percent owned by Chevron and which PDVSA has a 70-percent stake in. It also expropriated ConocoPhillips’ 40-percent shareholdings, which has not been paid yet.

Likewise, PDVSA offered Rosneft 10 percent of a project developed to extract the extra-heavy oil from the Orinoco Oil Belt.


If the transactions go through, Chevron would be affected negatively, as it would be associating with Rosneft, a company that faces sanctions imposed by the United States.

Venezuela has also reportedly been talking to a Japanese investment bank to try to obtain fresh funds.

Venezuela managed to pay US $725 million in overdue debt last month, but with difficulty, as it came 30 days late.

Source: El Nuevo Herald

Sabrina Martín Sabrina Martín

Sabrina Martín is a Venezuelan journalist, commentator, and editor based in Valencia with experience in corporate communication. Follow @SabrinaMartinR.

Former Chilean President Sebastian Piñera Officially Announces Run for Second Term

By: Karina Martín - Mar 22, 2017, 11:31 am

EspañolFormer President of Chile Sebastian Piñera officially announced his candidacy for reelection this Tuesday, March 21. Piñera, who was in office between 2010 and 2014, is leading in Chile's current polls, making him an early favorite. "In this election, we must decide between moving forward or backward, between unity or division, between dialogue or confrontation, between change or continuity," he said during his announcement speech. "If we want a united and developed Chile for our children or a Chile divided and stagnated like the one led by the New Majority," the former president said. googletag.cmd.push(function() { googletag.display('div-gpt-ad-1459522593195-0'); }); Piñera, however, may have to overcome allegations of possible irregularities in his accounts from his previous administration. During his most recent speech, he assured the crowd that those accusations were part of a "smear campaign." "My family and I have been permanent victims of this unscrupulous and sometimes villainous smear campaign," he said. "I ask those who instigate these campaigns to not use my family to attack my presidential candidacy." Primaries are set for July 2, though the other candidates have not yet been defined. Sources: T13; El Comercio; Actualidad.

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