Venezuela's PdVSA Announces $1.4B Refinancing in Petrocedeno

Venezuela's state-controlled oil firm Petroleos de Venezuela, or PdVSA, said Thursday it has refinanced $1.4 billion in debt in Petrocedeno, a heavy oil project formerly known as Sincor. PdVSA controls Petrocedeno, with France's Total SA and Norway's StatoilHydro ASA as minority partners. The refinancing secures 'the support and confidence of national and international financial community to PdVSA' and to the Venezuelan government's nationalization policy, the oil firm said in a press release.