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PDVSA saw stagnant growth in the following era which was defined by a boom in oil prices. Between 2002 and 2012, incapacitating injuries to employees rose from 1.8 per million man hours to 6.2, extremely high compared to 0.6 per million man hours for Pemex in 2012, highlighting the company's struggle to optimize. [ 13 ]
Venezuelan dollar bonds and those of PDVSA tumbled on the cancellation news, with Venezuela's 2027 maturity down 2.25 cents, last bid at 19.75 cents on the dollar. The PDVSA 2020 dropped one cent ...
Major banks have stopped trading the bonds of Venezuela's state- owned oil firm PDVSA for clients after the United States imposed sweeping sanctions on the firm, according to fund managers. The ...
The minimum sale price was set at 10 billion US dollars; however, PDVSA has been unable to find a buyer at that price. [ 20 ] [ 21 ] [ 22 ] It was confirmed in January 2015 that Citgo would not be sold, but rather bonds were sold by Citgo to give a dividend to PDVSA. [ 23 ]
Government figures estimated that PDVSA had annual losses of $12.5 billion with the subsidized gas prices, with PDVSA paying 28 times more to produce gasoline and 50 times more for diesel than what consumers pay at gas stations. [28] However, Rafael Ramirez was removed from being head of PDVSA and the oil ministry the next month. [29]
3 key reasons bond prices move up and down. There are three primary factors that drive movements in bond prices: the movement of prevailing interest rates, the ability of the issuer to meet the ...
With the exception of PDVSA's 2020 bonds, [89] as of January 2019, all of Venezuela's bonds are in default, [90] and Venezuela's government and state-owned companies owe nearly US$8 billion in unpaid interest and principal. [91] As of March 2019, the government and state-owned companies have US$150 billion in debt. [88]
The PDVSA 2020 bond, backed by shares in U.S. refiner Citgo Petroleum Corp, is expected to go into default by Tuesday because a $913 million payment comes due on Monday and the cash-strapped ...