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...