Venezuela’s PDVSA Signs Financing Deals With Weatherford, Halliburton

 Jul, 05 - 2016   Uncategorized

CARACAS Venezuelan state oil business PDVSA has actually signed financing contracts with services companies Halliburton and Weatherford, PDVSAs president stated on Wednesday, following chronic payment difficulties for companies working in the OPEC country.

PDVSA has more than $20 billion in impressive bills to providers, which has actually led some business to slow work. The business access to hard currency has actually toppled in addition to the cost of oil, and Venezuela is having a hard timebattling with triple-digit inflation, a serious economic crisis and heavy bond payments this year and next.

This early morningToday Weatherford signed a financing agreement with us, Halliburton signed yesterday, Eulogio Del Pino, who is also the countrys oil minister, said in a speech broadcast on state tv.

We are going to share the problems together since (the services business) cant constantly be on the simple side of things. Thats the settlement were having with numerous companies.

He did not offer added details on what agreements had been reached. Weatherford and Halliburton did not right away respond to emails seeking remark.

Halliburton, which in 2015 reported a foreign currency loss of $199 million due to devaluation, in April said it was cutting activity in Venezuela. That declaration came less than 2 weeks after top world services business Schlumberger announced a similar move as a result of payment difficulties.Del Pino this month

told Reuters that PDVSA was close to reaching an offera handle Schlumberger that would improve the service companys existence in Venezuela through a new funding scheme, without providing information.(Reporting by Eyanir Chinea and Brian Ellsworth

; Modifying by Diane Craft)

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