Venezuela to default on Chinese loans
PDVSA close to falling into default with China, according to Argus Media
By: Banking and Business | Tuesday, 10/23/2018 04:23 PM
translated from Spanish
23-10-18. - The payment of the Venezuelan debt with China is close to falling into default due to the need of Petroleos de Venezuela (Pdvsa) to use the oil with which it pays that debt to sell it and improve its flow of cash, according to a report by the Argus Media agency.
China is Venezuela's largest single creditor and the recipient of the largest volume of oil exports that PDVSA records as oil debt payments. In that sense he is the most likely candidate for a breach in the form of cuts in oil deliveries, an official told Argus Media that did not detail his name.
"Whether due to a deal negotiated in the coming weeks or due to force majeure, China tops the list of possible oil supply cuts, as the government and PDVSA seek ways to generate more revenue," he said.
The Venezuelan debt with China stands at $23 billion, the remaining balance of a total debt of $56 billion corresponding to the agreement called the Chinese Fund, signed in 2008.
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https://www.aporrea.org/economia/n333300.html
