Pdvsa insolvency affects cash flow of mixed companies

The current insolvent status of state-run oil holding Petr

As set forth in the agreements, payments for sale of hydrocarbons should be deposited in US dollars in the bank accounts held overseas by the mixed companies to pay their foreign debts, debt service and contractors’ fees.

“Pdvsa owes mixed companies, should pay them for the crude oil,” said a source related to the oil and gas sector.

The delays are causing cash troubles in mixed companies, where Pdvsa has a major stake.

El Universal