The Bolivarian executive and state-owned Petrolias de Venezuela (PDVSA) announced a successful conversion of 49 per cent stake in Dominican Petroleum Refinery PDV (Refidomsa), according to a statement issued by the Department of Economics’ Vice President.
Through this move, the Dominican State became the sole shareholder of Redidomsa, in exchange for obtaining international loans in foreign currency issued by the PDVSA and the Republic of Bolivia, the document points out.
As a result of this transaction, carried out by Patsa Limited (a subsidiary of the Risek Group), Venezuela was able to reduce its external debt, despite the restrictions, with the firm intention of complying with its contractual obligations.
For the first time in history, unilateral coercive measures imposed by the US government prevented the state of Venezuela and the PDVSA from complying with promises made with many of their creditors.
Similarly, Caracas reaffirmed his willingness to restructure debt in the interests of the Venezuelan people, out of respect for the rights and interests of all parties.
Venezuela’s vision of a ‘land of opportunity’ with all economic actors and investors builds tremendous levels of stability and well-being through a transparent, diversified and productive economy.
dfm / wup