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Venezuela bondholders inch toward showdown

Tuesday, July 11, 2017

Venezuela's PDVSA guarantees investor security amid uncertainty

Venezuela's state oil producer, PDVSA, said in a statement it is guaranteeing "legal security" for all foreign companies in the leftist-run nation, rebuffing a government adviser's suggestion that their operations could be nationalized. The statement, which was distributed to its joint venture partners and which Reuters saw, comes after a prominent government-allied lawyer said a new legislative body could rewrite parts of the constitution to ensure the state has full ownership of the oil industry. The new "constituent assembly" would supersede other institutions and has sparked fears that President Nicolas Maduro's unpopular administration could take aim at joint venture partners, which include large oil companies Chevron Corp and Rosneft. More…

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