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Venezuela bondholders inch toward showdown

Wednesday, May 24, 2017

Venezuela oil executive arrested in corruption probe

Venezuela has arrested the manager of the Petropiar heavy crude upgrader, owned by state oil company PDVSA and U.S. major Chevron Corp , for alleged “irregularities” in contracts awarded in the oil-rich Orinoco Belt. Francisco Velasquez was detained on May 13 and he remains behind bars in the city of Barcelona, in the eastern state of Anzoategui, the prosecutor’s office said in a statement. “The investigation began in 2015, after a complaint by PDVSA employees, who pointed out certain irregularities in the awarding of contracts with over-pricing of goods or services,” the statement read. More…

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