PDVSA Continues to Slime it's Contrac...

PDVSA Continues to Slime it's Contractors

There are 3 comments on the www.fool.com story from Apr 29, 2009, titled PDVSA Continues to Slime it's Contractors. In it, www.fool.com reports that:

Back in January, PdVSA had racked up nearly $8 billion in unpaid invoices, and was stiffing contractors....

Join the discussion below, or Read more at www.fool.com.

“Choose the "Happy" glass!”

Since: Sep 08

Medellin, Colombia

#1 Apr 29, 2009
These guys aught to be pumping that crude into their own ships, and balancing the debt.

Cha Cha Chavez is all talk, and the poor Venezuelan people really believe too much.

Does Cha Cha really think others will invest, when his reputation is CEMEX, HOLCIM, HALLIBURTON, HELMERICH & PAYNE, EXXON, and WILLIAMS, etc ?

He's running the place to the edge, eyes closed!

Silea, Italy

#2 Apr 29, 2009
PdVsa it's so squeezed by Chavez's administration that his debts toward inner Venezuelan companies are more than 3 billions of US $ and the problem is that those companies are suffering with banks and may affect their workers too.

The only way for get some cash and pay at least them is to sell Citgo and put other bonds, but in the internal market because it's international credibility for payments it's burned! Long term PdVsa bond it's actually traded at 38% of its nominal value and internal financial market it's just flooded with Government's bond !!! Paper, paper and other paper after Chavez's bolt empty words before elections "We have cash pillow" "We have strategic reserves to get by with no restrictions for Venezuelan people" and so on. And now is Rafael Ramirez that has to say the bad news...

Plus PdVsa want to cut to that companies 40% off the value for the work they have to do... otherwise they will get no money at all.
How will be the impact on those companies and their employee?

Silea, Italy

#3 Apr 30, 2009
... and this is an interesting link showing how 'll works the castle of PdVsa new paper bonds for which rumors are on:

and how is going economics under Chavez management:

Tell me when this thread is updated:

Subscribe Now Add to my Tracker

Add your comments below

Characters left: 4000

Please note by submitting this form you acknowledge that you have read the Terms of Service and the comment you are posting is in compliance with such terms. Be polite. Inappropriate posts may be removed by the moderator. Send us your feedback.

Ensco International Discussions

Title Updated Last By Comments
News ConocoPhillips: Dividend Obsession Hurts The Co... (Jul '15) Jul '15 UnCoverUp 1
News Venezuela pledges to pay debts to oil contractors (Aug '09) Aug '09 B I G Mike 6ft4 255 6
News Venezuela to oil contractors: Cost cuts needed ... (Mar '09) Mar '09 FXE 1
News Can Hugo Chavez Steal His Way To Safety? (Jan '09) Jan '09 I_need_a_beer 1
News Helmerich says PDVSA owes it $100 mln, idling r... (Jan '09) Jan '09 I_need_a_beer 1