Venezuela's PDVSA will
buy back $83-mil in US-issued debt and stop
filing with the SEC
By Elio Ohep
CARACAS
Petroleumworld.com 02 24 06
Venezuela's oil company PDVSA is to to buy back $83-mil in US-issued
debt next month, and will stop filing accounts with the Securities
and Exchange
Commission, a source said to Petroleumworld.
However,
the company official statement said on Wednesday that PDVSA will
stop filing with the U.S. Securities Exchange Commission SEC once
its audited financial results for 2004 have been submitted.
"With
this repurchase operation, PDVSA will be able to withdraw from
the
SEC once its audited financial results for 2004 have been submitted,"
PDVSA
said in a statement late Wednesday.
PDVSA Finance
Director Eudomario Carruyo said PDVSA expected to stop filing
with the SEC at the end of March when it would hand over its 2004
financial report. This would be the last SEC filing, he said.
The 2004
results were due last June, but are now expected at the end of
next month.
Energy Minister
Rafael Ramirez previously said PDVSA would no longer file financial
reports with the SEC as the country moves to reduce its traditional
reliance on the United States.
"We will
still publish (the reports) but we just won't have to surrender
our accounts to the SEC." Ramirez said.
PDVSA
is struggling to file the reports since the two month general
strike , that took to the firing 40.000 company employees.
The 2003 report was filed in October and 2004 report, if filed
in March, will be nine months past the SEC's June deadline.
In
the statement, Carruyo said its total outstanding debt is now
$3.45-bil, of which $3.03-bil is long term debt.
-
By Elio Ohep, editor@petroleumworld.com, 58 412 996 3730, Caracas.
Petroleumworld News 02 23 06
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