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Venezuela bondholders inch toward showdown

Wednesday, July 5, 2017

PdV oil joint ventures in regime crosshairs

Venezuelan oil and gas projects with foreign participation are in the regime's crosshairs as it scrapes through its dwindling assets. Hermann Escarra, a constitutional attorney close to Venezuelan president Nicolas Maduro's inner circle, told oil workers today that the government has already drafted legal measures to take 100pc ownership of all of state-owned PdV's joint ventures. Escarra is a candidate for a seat in a constituent assembly that will effectively serve as another rubber stamp for the government after 30 July elections. Venezuela's political opposition is boycotting what it considers a fresh power grab, and is pledging to conduct a plebiscite on 16 July to repudiate the assembly. More…

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