Venezuela's government and its oil company PDVSA have offered to pay suppli...
CARACAS - Venezuela’s government and its oil company PDVSA have offered to pay suppliers and contractors into accounts in China using the yuan currency, five people familiar with the matter said.
Officials have made the proposal verbally to at least four companies that provide services to the public sector, said the people, including two government officials and three sources from private companies in the financial or oil sectors. The individuals declined to disclose which companies have been approached.
Venezuelan public entities have traditionally paid private sector partners in the local bolivar currency or U.S. dollars. But hyperinflation and U.S. sanctions, which prohibit American companies from doing business with Venezuela’s public sector, are complicating those methods. PDVSA and Venezuela’s central bank have long maintained accounts in China, in part thanks to a financing deal inked more than a decade ago that saw China lend some $50 billion to the OPEC nation in exchange for crude shipments.
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