Venezuela’s state-held oil firm PDVSA has cut its outstanding debt to the largest Russian oil producer, Rosneft, to below US$1 billion, Russia’s oil giant, one of the few companies still dealing with Venezuela, said on Wednesday. In its Q3 results presentation published today, Rosneft said that PDVSA’s debt as at September 30, 2019, had dropped to US$800 million, down from US$1.1 billion as at the end of the second quarter this year. Rosneft has extended US$6 billion of loans to PDVSA, which needs to be fully redeemed through crude oil supplies by the end of this year. Last year, Venezuela repaid US$2.3 billion of the loan it had received from Rosneft years ago, but the Latin American country still owed another US$2.3 billion, excluding interests, Rosneft said in its 2018 results release in February this year. Last month, reports emerged that the Venezuelan government is readying to hand over […]