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  • APRIL 29, 2009, 3:39 P.M. ET


Venezuela Mulls Dollar Debt Sale For PdVSA, CVG - Official

CARACAS (Dow Jones)--The Venezuelan government is considering whether to allow state oil company Petroleos de Venezuela S.A., or PdVSA, and state commodities holding group CVG to sell U.S. dollar bonds, the Finance Ministry' public credit director, Ana Barrios, said Wednesday.

The Finance Ministry received requests for dollar-denominated debt issues by PdVSA and CVG, which, Barrios said, are currently being analyzed.

The government isn't planning to issue dollar-denominated public debt this year, she added. The government isn't currently studying any debt buybacks, although it didn't rule out a repurchase if conditions are favorable for the government.

Venezuelan President Hugo Chavez approved this week the issuance of VEB12 billion in debt as part of his plans to triple local debt issues to cover a drop in oil revenue. About 20% of the VEB12 billion will be sold in instruments that offer protection against a devaluation of the fixed exchange rate of VEB2.15 to the dollar, Barrios said.

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