Titoli di Stato paesi-emergenti VENEZUELA e Petroleos de Venezuela - Cap. 1
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tommy271
Forumer storico
Venezuela’s latest surprise default…China!
Oct 22, 2014 4:08pm by John Paul Rathbone
Last month Ricardo Hausmann, a normally mild Harvard academic, set off the equivalent of a financial bomb. The economist suggested that Venezuela had already defaulted on many of its suppliers, its oil service contractors, and its citizens. So who or what might come next?
When Hausmann suggested Wall Street, the market reaction was huge. Indeed Venezuelan bonds, undercut by the falling oil price, have been dropping ever since. Yet it turns out that Venezuela’s latest default has been, in fact, to China. Given that Beijing is one of Caracas’ closest allies, this is surprising. It is also bullish for Wall Street.
Venezuela has long been a major recipient of Chinese loans, accounting for half of Beijing’s lending to the region. Since 2006, it has taken on $50bn of oil-backed debt. Last year, Rafael Ramirez, the former head of state-oil company PdvSA, revealed that these payments-in kind absorbed over half of Venezuela’s 640,000 barrels per day of oil exports to China. But no more, it seems.
Last week, Venezuela’s national gazette made it official that Caracas no longer needed to export 330,000 barrels bpd to China to pay for its loans. Instead, according to BancTrust, a boutique investment bank, PdVSA can now send as much or as little oil to Beijing as it wants. Furthermore, the terms of the loans have been extended beyond their current three years, perhaps indefinitely. China’s Ministry of Commerce has since confirmed the changes, pointing out they were made at Venezuela’s request.
This de facto debt rescheduling tells us several important things. First, it is another confirmation of Venezuela’s economic and financial distress. To service its Chinese debts at lower oil prices, Venezuela would have had to export comparably more oil. But the country cannot increase oil output quickly. Nor does it have the financial wherewithal to service its Chinese debts in cash instead; foreign reserves are already under pressure. So something else had to be done.
Second, China apparently agreed to the debt rescheduling perhaps because its banks believed in taking the long view. After all, Venezuela has the world’s largest oil reserves — so one day it will pay. But was the rescheduling China’s preferred choice? As the old saying goes: if you owe the bank $5, you have a problem, but if you owe the bank $5m, the bank has a problem. Either way, China is unlikely to be a source of fresh finance for Venezuela from now on.
Lastly, Venezuela now has 330,000 bpd of oil – equivalent to almost $25m a day or $9bn a year — that it can use for other ends. One use might be to ease the import crunch that has resulted in shortages of so many basic goods, such as toilet paper. Another might be to divert resources to meet international bond payments. Either way, Venezuela is struggling and so far Wall Street is still being paid. But for how much longer?
(FT)
Oct 22, 2014 4:08pm by John Paul Rathbone
Last month Ricardo Hausmann, a normally mild Harvard academic, set off the equivalent of a financial bomb. The economist suggested that Venezuela had already defaulted on many of its suppliers, its oil service contractors, and its citizens. So who or what might come next?
When Hausmann suggested Wall Street, the market reaction was huge. Indeed Venezuelan bonds, undercut by the falling oil price, have been dropping ever since. Yet it turns out that Venezuela’s latest default has been, in fact, to China. Given that Beijing is one of Caracas’ closest allies, this is surprising. It is also bullish for Wall Street.
Venezuela has long been a major recipient of Chinese loans, accounting for half of Beijing’s lending to the region. Since 2006, it has taken on $50bn of oil-backed debt. Last year, Rafael Ramirez, the former head of state-oil company PdvSA, revealed that these payments-in kind absorbed over half of Venezuela’s 640,000 barrels per day of oil exports to China. But no more, it seems.
Last week, Venezuela’s national gazette made it official that Caracas no longer needed to export 330,000 barrels bpd to China to pay for its loans. Instead, according to BancTrust, a boutique investment bank, PdVSA can now send as much or as little oil to Beijing as it wants. Furthermore, the terms of the loans have been extended beyond their current three years, perhaps indefinitely. China’s Ministry of Commerce has since confirmed the changes, pointing out they were made at Venezuela’s request.
This de facto debt rescheduling tells us several important things. First, it is another confirmation of Venezuela’s economic and financial distress. To service its Chinese debts at lower oil prices, Venezuela would have had to export comparably more oil. But the country cannot increase oil output quickly. Nor does it have the financial wherewithal to service its Chinese debts in cash instead; foreign reserves are already under pressure. So something else had to be done.
Second, China apparently agreed to the debt rescheduling perhaps because its banks believed in taking the long view. After all, Venezuela has the world’s largest oil reserves — so one day it will pay. But was the rescheduling China’s preferred choice? As the old saying goes: if you owe the bank $5, you have a problem, but if you owe the bank $5m, the bank has a problem. Either way, China is unlikely to be a source of fresh finance for Venezuela from now on.
Lastly, Venezuela now has 330,000 bpd of oil – equivalent to almost $25m a day or $9bn a year — that it can use for other ends. One use might be to ease the import crunch that has resulted in shortages of so many basic goods, such as toilet paper. Another might be to divert resources to meet international bond payments. Either way, Venezuela is struggling and so far Wall Street is still being paid. But for how much longer?
(FT)
Warrior
Nuovo forumer
Cambiano i fattori ma il risultato resta invariato, non siamo ai minimi del 16/10 ma nemmeno ai massimi del 26/09. Qualcosa si stia muovendo o solo la calma prima della tempesta ?
Brava la Maduro's gang a ri-prendersi sul mercato 1/2 malloppone semi-scontato (con un buon gain, o meglio....senza anticipare troppo) e soprattutto brava la China a mettere l'ennesima mano sulle palle di un altro paese "emergente" (con ottime riserve).
tommy271
Forumer storico
Venezuela's PDVSA to invest $20 bln to boost refining capacity
CARACAS Wed Oct 22, 2014 12:09pm EDT
Oct 22 (Reuters) - Venezuelan state oil company PDVSA plans to invest $20 billion to expand its domestic refining capacity by 20 percent, a company official said on Wednesday, without providing a time frame for when the investments would take place.
The OPEC nation has in recent years announced aggressive expansion plans for its oil industry that have not come to fruition, and has consistently struggled with accidents and outages in its domestic refining circuit.
Refining chief Jesus Luongo said PDVSA would add 265,000 barrels per day (bpd) of refining capacity to the current 1.3 million bpd. The plans include doubling the capacity of the 146,000 bpd El Palito facility and boosting capacity of the 187,000 bpd Puerto la Cruz refinery by 20,000 to 25,000 bpd.
The plans also involve optimizing the operations of the Paraguana Refining Center (CRP) to boost its output, which has historically been considerably lower than its 965,000 bpd capacity.
"During 100 years of oil production, we've not done enough to develop our (refining) capacity," said Luongo during an oil conference in the eastern city of Puerto la Cruz, broadcast over PDVSA's radio station.
A PDVSA spokesman, asked about the time frame for the investments, said he did not immediately have the information on hand.
The CRP complex in 2012 was hit by an explosion and massive fire that killed close to forty people and left one of its distillation units offline for months.
Chronic refinery problems have forced PDVSA to rely on imports of fuel and blending components to meet demand on the heavily subsidized domestic market, where drivers can fill their tanks at costs that are less than that of a soft drink.
(Reporting by Deigo Ore; Writing Brian Ellsworth; Editing by Chris Reese)
***
La strada è quella giusta, ma dove prendono il denaro per gli investimenti?
CARACAS Wed Oct 22, 2014 12:09pm EDT
Oct 22 (Reuters) - Venezuelan state oil company PDVSA plans to invest $20 billion to expand its domestic refining capacity by 20 percent, a company official said on Wednesday, without providing a time frame for when the investments would take place.
The OPEC nation has in recent years announced aggressive expansion plans for its oil industry that have not come to fruition, and has consistently struggled with accidents and outages in its domestic refining circuit.
Refining chief Jesus Luongo said PDVSA would add 265,000 barrels per day (bpd) of refining capacity to the current 1.3 million bpd. The plans include doubling the capacity of the 146,000 bpd El Palito facility and boosting capacity of the 187,000 bpd Puerto la Cruz refinery by 20,000 to 25,000 bpd.
The plans also involve optimizing the operations of the Paraguana Refining Center (CRP) to boost its output, which has historically been considerably lower than its 965,000 bpd capacity.
"During 100 years of oil production, we've not done enough to develop our (refining) capacity," said Luongo during an oil conference in the eastern city of Puerto la Cruz, broadcast over PDVSA's radio station.
A PDVSA spokesman, asked about the time frame for the investments, said he did not immediately have the information on hand.
The CRP complex in 2012 was hit by an explosion and massive fire that killed close to forty people and left one of its distillation units offline for months.
Chronic refinery problems have forced PDVSA to rely on imports of fuel and blending components to meet demand on the heavily subsidized domestic market, where drivers can fill their tanks at costs that are less than that of a soft drink.
(Reporting by Deigo Ore; Writing Brian Ellsworth; Editing by Chris Reese)
***
La strada è quella giusta, ma dove prendono il denaro per gli investimenti?
Warrior
Nuovo forumer
Si ricompreranno 1/2 del VEN15 e PDVSA15 ?????
tommy271
Forumer storico
Non ne ho idea ... per il momento sappiamo solo che si son ricomprati (a mercato) metà della scadenza di ottobre 2014 ...
Per quanto riguarda i 20 MLD necessari per gli impianti di raffinazione ... non ci sono ... ci potrebbero essere tramite joint venture ... ma la vedo difficile ... con il controllo maggioritario di PDVSA ...
Altrimenti devono tagliare le risorse che PDVSA versa allo Stato ... ma è improbabile.
arkymede74
Forumer storico
io vorrei pure..ma non ho soldi
appena mi arriva lo stipendio... vedremo..
Sottolapalma
Nuovo forumer
Joe Smith
Nuovo forumer
due soldi non credo proprio.....alla fine queste operazioni di buy back sulle prossime scadenze conviene eccome a loro.......sui soldi da usare, si autofinanziano.........
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