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Venezuela issues at the G7 meeting

Thursday, March 23, 2017

Venezuela Scrambles to Sell Off Oil Assets and Avoid Default

In 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. More…

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