Multinational Firms Flee Venezuela
Multinational companies are selling their Venezuelan operations at hefty discounts - or even giving them away - as they to seek to escape the OPEC nation's soaring inflation and chronic supply shortages. Six firms, including General Mills and oil producer Harvest Natural Resources, have sold operations for as little as half their assessed value on the companies' books…
PDVSA Inks $1.45 Bln in Financing to Boost Oil Output
Venezuelan state oil company PDVSA on Friday signed financing deals totaling nearly $1.45 billion with a local firm and India's ONGC Videsh Limited to raise production at joint venture operations. DP Delta Finance, led by the owner of local oil producer Delta Petroleum, will provide $1.13 billion in financing to boost output at a joint venture between PDVSA and Delta Petroleum, PDVSA said.
PDVSA Wants Harvest Out, With Conditions
Venezuela would prefer oil company Harvest Natural Resources Inc to leave the OPEC nation, but wants it to sell a project stake to a company with financial muscle to make major investments, state oil company PDVSA said. Harvest has been seeking to sell its stake in joint venture Petrodelta following years complaining that PDVSA is not allowing it to collect dividends.
PDVSA Offers to Buy Harvest Oil Assets
Venezuela's state oil company PDVSA has offered to buy oil and gas producer Harvest Natural Resources Inc's stake in the Petrodelta joint venture, a source close to PDVSA said on Tuesday. Houston-based Harvest has said the OPEC country was blocking a sale of its stake in Petrodelta and that it is facing a cash crunch in part due to the dispute.