Venezuela is a country of extraordinary diversity and natural beauty where the sun shines most days of the year. Nowhere else will you find such a fusion of heavenly tropical beaches, snow-capped giant mountains, steaming pristine jungle and a vast mysterious savannah.

Wednesday, February 9, 2011

Venezuela's PDVSA not to receive $20 billion in cash

The cash flow of the state-run oil industry Petroleos de Venezuela will fall until 2012 because of oil deals with Cuba, Petrocaribe and the Chinese Fund

El Universal: The cash flow of state-run oil company Petroleos de Venezuela's will plunge due to the preferential financial conditions granted by Venezuela and the exchange of crude oil and products for goods and services.

According to a report issued by Barclays Capital, PDVSA "will not receive in cash $9.4 billion in 2011 and $10.7 billion in 2012" due to the export agreement with Cuba and a 50% discount in the total invoice value of Venezuelan oil exports to the Caribbean countries (under the Petrocaribe cooperation agreement).

All of this includes preferential terms such as long-term funding, and the mandatory payments on loans granted by the bilateral Chinese Fund.
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