Venezuela's path

Patrick Crow Washington, D.C. The government of Hugo Chávez continues to grapple with a very difficult problem: restructuring Petroleos de Venezuela SA at a time when world oil prices are under pressure. Venezuelan Energy and Mines Minister Alí Rodríguez raised eyebrows recently when he said Pdvsa would have to sell $1 billion of bonds immediately to cover $900 million needed to pay its suppliers. The bonds would be guaranteed with revenue from oil sales. Rodríguez explained that Pdvsa has suffered from low oil prices and a Venezuelan recession. That prompted Pdvsa Pres. Roberto Mandini to issue a statement that didn&#...

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