A unit of Venezuelan state oil company PDVSA, PDVSA.UL, which is on the Dutch Caribbean island of Bonaire, has declared bankruptcy, citing the impact of US sanctions on Venezuela, a court filing showed.

In a March 9 filing published last week by the Court of First Instance of Bonaire, Sint Eustatius and Saba, PDVSA-owned Bonaire Petroleum Corporation (BOPEC) said it could no longer pay its debts because sanctions had cut off its “access to international trade” as well as cash held in bank accounts.

The court granted BOPEC’s request for a moratorium on creditor payments in a filing that noted BOPEC said it was negotiating with “a party that may make the necessary liquid assets available” to allow the company to “satisfy its preferred creditors and offer a settlement to its unsecured creditors”.

Neither PDVSA nor Venezuela’s oil ministry has commented on the situation.

For more information visit www.pdvsa.com

25th March 2021