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Venezuela`s state-owned oil firm PDVSA said Friday it has started to repay $233 million in interest on two bonds nearing default. days before the end of the 30-day grace period.
Writing on Twitter. the company announced `the transfer process was started to pay the interest on the PDVSA 8.5% 2020 Bonds and the PDVSA 6% 2022 Bonds.`
The company also called on creditors to `trust` its `logistical. productive and financial capacity` — adding it had `fulfilled all of its commitments. even with the offensive sabotage of imperialism and its national lackeys.` referencing American sanctions.
`We confirm the solvency and soundness of our oil industry. in a fight against illegal sanctions.` it added.
PVDSA`s bonds represent 30 percent of Venezuela`s external debt — estimated to be around $150 billion.
The company was dealt a blow on November 16 when the New York-based International Swaps and Derivatives Association committee declared it in default following three missed payments — a decision which could worsen Caracas`s situation. despite a debt restructuring agreement with Russia.
That came after two major financial ratings agencies — S&.P Global Ratings and Fitch — also declared both Venezuela and PDVSA in partial default.
Meanwhile. the Venezuelan government has not yet addressed its failure to make a $237 million interest payment on bonds due in 2025 and 2026. which should have been made on Tuesday.
