Russia lent Venezuela state oil firm $1 billion in April
Staff Writer | August 7, 2017
Russian state oil producer Rosneft in April made a $1.015 billion advance payment to PDVSA, Venezuela’s state oil firm, under a crude oil purchase agreement with the company, Rosneft said in a quarterly financial report.Article continues below
As Petroleos de Venezuela, S.A. faces a cash crunch and struggles to pay bondholders, it negotiated financial help from its Russian counterpart to complete its nearly $3 billion in debt payments in April, company sources told Reuters earlier this year.
Russia is a close political ally of Venezuela’s leaders. Rosneft Chief Executive Igor Sechin said in June his company, the world’s top listed oil firm by output, would continue to work in Venezuela and would never leave the country.
Rosneft had lent PDVSA $4-5 billion before the most recent agreement, according to Reuters calculations. ■
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