via Venezuela may go to an official default | City & Business | Finance | Express.co.uk

The crisis came to light after it was revealed state owned firm PDVSA has not made a single debt payments to India’s top oil producer ONGC for six months.

It was previously using a Russian state-owned bank and another Indian energy company as intermediaries to make payments.

Since April PDVSA have not made a payment to ONGC which is also owed $540million in a backlog of dividends due to an investment the Indian firm made on an energy project in Venezuela.

Venezuela’s President Nicolas Maduro said last week the country is planning to restructure some $60billion of bonds, a large amount which is held by PDVSA.

via Venezuela may go to an official default | City & Business | Finance | Express.co.uk

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