AlwaysFree: PDVSA Remains In Default With Unchanged Debt Level

Venezuela’s national oil company PDVSA said it remained in default on its bonds as US sanctions cut it out from the world’s financial system. The company said its financial debt reached $34.5 billion in 2019, edged down by 0.1% from 2018 level.

PDVSA which has accumulated debt due to the sanctions said it owed nearly $25.2 billion to bondholders last year, compared to $24.7 billion at the end of 2018. Its commercial debts with foreign partners were down slightly to $2.65 billion at the end of last year, compared to $2.66 billion at the end of 2018.

PDVSA, however, did not disclose other obligations, including pending debt to providers. The company defaulted on the rest of its 2019 bonds and on some of its 2017 bonds. PDVSA is also in default on $6 billion in principal and interest.

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