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Crystallex International Corporation is a Canadian-based gold company with a successful record of developing and operating gold mines in Venezuela and elsewhere in South America

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PDVSA another $3B in Bonds

posted on Sep 24, 2010 10:47PM

Venezuela oil company to issue $3 billion in bonds

CARACAS, Venezuela

Venezuela's state oil company has announced it will issue $3 billion in bonds next month.

The bonds to be issued by Petroleos de Venezuela SA, or PDVSA, will increase the state oil company's debt to about $24 billion. The company said in a statement Thursday that the funds raised through the bonds will be used for carrying out investment projects.

The bonds are to be traded through a system controlled by the Central Bank which is the only legal outlet for foreign currency trading in Venezuela.

President Hugo Chavez's government has increasingly turned to debt to supplement public spending in recent years. Chavez said last month that Venezuela's foreign debt represents about 19 percent of gross domestic product.