Venezuela's state oil company could sell more debt

Venezuela's state oil company could sell more bonds this year to pay down debts to contractors

• On 10:27 am EST, Wednesday November 4, 2009

CARACAS, Venezuela (AP) -- Venezuela's state oil company says it could issue more bonds this year to pay down debts to foreign and domestic oil contractors.

Oil Minister Rafael Ramirez says state-run Petroleos de Venezuela SA could sell the bonds before the end of the year.

Ramirez did not disclose further details in comments published by Venezuela's state-run Bolivarian News Agency on Tuesday. PDVSA has issued $6 billion in debt bonds so far this year.

New legislation will let Venezuela's Central Bank purchase bonds directly from PDVSA rather than turning to securities markets as it did in the past.

President Hugo Chavez said in September that Venezuela's debts to oil contractors stood at $4.6 billion.