PDVSA Said to Plan Hong Kong Listing for Orinoco Joint Ventures
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Petroleos de Venezuela SA is considering a plan to sell part of its stakes in Orinoco heavy crude joint ventures in a private placement on the Hong Kong stock exchange, according to a company official.
The state-owned oil producer, which has held at least 60 percent of each Orinoco venture since President Hugo Chavez nationalized the oil industry in 2007, may reduce its stakes to as little as 51 percent, the official, who isn’t authorized to speak publicly, said today in Caracas. China’s Citic Securities Corp. is advising on the potential listing, the official said.