http://english.peopledaily.com.cn/200703/24/eng20070324_360689.html

14:39, March 24, 2007
Venezuela to issue bonds to raise 5 billion dollars

Venezuela is going to issue bonds of 5billion U.S. dollars through its giant
state-owned petroleum company PDVSA this week, PDVSA chief and Energy
Minister Rafael Ramirez said on Friday.

The bonds with mature periods ranging from 10 to 30 years will go on sale
from Monday till Thursday, Ramirez said.

Part of the money raised from the bonds will be used to back a plan aimed at
boosting PDVSA's oil production capacity from the current 3.3 million
barrels per day to 5.8 million bpd, the chief said.

Another part of the money will go to the National Development Fund for
domestic and international aid and development projects.

As the country's largest state-owned energy company, PDVSA has stakes in
exploration, production, refining and exporting oil and natural gas. It
dominates the oil industry of Venezuela, the world's fifth largest oil
exporter.


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