Chavez Asks PDVSA to Move Away from the Dollar

BNamericas 9/18/2007 -
URL: http://www.rigzone.com/news/article.asp?a_id=50345

Venezuela's President Hugo Chavez has asked state oil company PDVSA to
convert its investment accounts from US dollars to euros and Asian
currencies, Bloomberg reported.

Specifically, Chavez asked energy and oil minister Rafael Ramirez, who
also serves as PDVSA president, to change currencies following the US
Federal Reserve's decision to increase US money supply.

Chavez, who is critical of the US government and the country's
influence in South America, wants PDVSA to reduce risks of dealing
with the dollar, which he characterized as a "bubble."

PDVSA, which has US$23bn in assets including US$1.88bn in cash, last
year moved some of its reserves to euros.

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