Venezuela state oil company announces $842 million bond payment

Venezuela state oil company announces $  842 million bond paymentVenezuela’s state oil company, which controls the world’s largest crude reserves, said Friday it had begun paying $ 842 million in partial repayment of a debt bond maturing in 2020. A default for PDVSA would have been disastrous at a time when access to credit has already been severely curtailed, with refineries running at less than half of their capacity and oil output estimated at less than two million barrels a day. Venezuelan President Nicolas Maduro, whose country is in the throes of a deep recession and hyperinflation, has insisted that his government will continue to honour its international obligations even as imports shrivel.

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