Venezuela’s strategy to prioritise the payment of $11bn in foreign debt due this year has cast a shadow over state-owned PdV’s Orinoco heavy oil developments. The government has paid international bondholders more than $4.5bn in foreign debt principal and interest this year, including $1.3bn in May — $865mn of maturing PdV debt and almost $434mn of sovereign debt. Over $6bn is due in the second half of this year, including up to $5bn of combined sovereign and PdV principal and interest, which matures in October-November, the central bank says.
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