About a dozen foreign energy companies in Venezuela have
been authorized to exchange foreign currency at a new, more advantageous rate
in bolivars in order to boost cash flow and speed up projects, a high-level
PDVSA source said on Tuesday. The companies, participating in joint ventures in
various fields around Venezuela, can now buy local currency at the Simadi rate,
currently averaging 172 bolivars per dollar, compared to far more
disadvantageous rates used in the past. "This will increase the bolivars
they have for capital expenditure and operational expenditure. It is a huge
incentive and drastically affects cash flow," More… 
Wednesday, February 25, 2015
Oil companies in Venezuela to use new favorable forex rate -PDVSA
About a dozen foreign energy companies in Venezuela have
been authorized to exchange foreign currency at a new, more advantageous rate
in bolivars in order to boost cash flow and speed up projects, a high-level
PDVSA source said on Tuesday. The companies, participating in joint ventures in
various fields around Venezuela, can now buy local currency at the Simadi rate,
currently averaging 172 bolivars per dollar, compared to far more
disadvantageous rates used in the past. "This will increase the bolivars
they have for capital expenditure and operational expenditure. It is a huge
incentive and drastically affects cash flow," More… 
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment