(Energy Analytics Institute, Aaron Simonsky, 6.Jun.2016) – Plans announced by PDVSA to sue its Paraguayan counterpart Petropar are not valid and go against international agreements.
Caracas-based PDVSA announced it would take legal actions against Petropar if the company failed to pay a debt of $287 million by June 10, 2016, reported Efe.
PDVSA and Petropar signed agreements in 2014 in Caracas whereby the former would send refined oil from Venezuela to Paraguay.
Under the agreements, Venezuela accepted a financing scheme of 15 years with a 2-year grace period and an annual interest rate of 2 percent.
In an official statement issued by Paraguay’s presidential office, the government of the South American country announced that the international agreements stipulated that under possible discrepancies or controversy that the governments would settle the problems in a friendly manner through direct negotiations and a common agreement.
Paraguay maintains its posture to fulfill its promises under agreements signed with Venezuela.
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