PDVSA Announces Tender Offer and Consent Solicitation for Petrozuata Project Bonds

Petróleos de Venezuela, S.A. (“PDVSA”) today announced that it commenced a cash tender offer for any and all of the outstanding 7.63% bonds due 2009 (CUSIP Nos. 71676QAA4/DD0109197; ISIN No. USG70415AA51) (the “2009 Bonds”), 8.22% bonds due 2017 (CUSIP Nos. 71676QAC0/DD0110062; ISIN No. USG70415AB35) (the “2017 Bonds”) and 8.37% bonds due 2022 (CUSIP Nos. 71676QAE6/DD0110070; ISIN No. USG70415AC18) (the “2022 Bonds” and, together with the 2017 Bonds and the 2009 Bonds, collectively, the “Bonds”) issued by Petrozuata Finance Inc. in connection with the Petrozuata extra-heavy crude oil project in the Orinoco Belt region. There are currently outstanding approximately $61.3 million, $618.9 million and $75.0 million in aggregate principal amount of the 2009 Bonds, the 2017 Bonds and the 2022 Bonds, respectively. The tender offer will expire at midnight, New York City time, on Friday, September 12, 2008, unless extended or terminated by PDVSA (the 'Expiration Date').