Paraguay’s Petropar get Ten Days Deadline to Pay Back Debt from Venezuelan Oil Company PDVSA

Paraguay’s Petropar get Ten Days Deadline to Pay Back Debt from Venezuelan Oil C

On Saturday, Petropar, the state-run oil firm of Paraguay said that Venezuelan state oil producer PDVSA has given the Paraguay company a deadline of ten days to pay back a debt of $287 million that dates back to 2009.

The demand follows the incident when last week Paraguay asked to arrange a meeting of foreign ministers of the regional South American bloc, the Mercosur trade group to scrutinize whether Venezuela failed to fulfill with democratic standards that is laid out in the charter of the organization.

Eddie Jara, the president of Petropar said that he received a letter from PDVSA which demanded the repayment of the total debt “in impulsive and unfriendly terms.”

He said, according to the figures by Petropar, the debt amounts to only $273 million.
He also said that Paraguay was keen to ultimately re-pay the debt but its budget does not permit it to fulfill Venezuela’s demand.

Venezuela, an OPEC nation has about thirty million people and is suffering from severe food shortages and very high inflation, perhaps the highest in the world. To get basic food, people have wait in long lines and that is also raising crime rates.

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