Ambassador: Moscow may restructure Venezuela’s $1 bln debt

MOSCOW, Jul 26 (PRIME) -- Moscow and Caracas may decide in September on a possible restructuring of Venezuela’s U.S. $1 billion debt, ambassador to Russia Carlos Rafael Faria Tortosa told PRIME on Wednesday.

Technical groups of the two countries have met twice in Russia, and an intergovernmental commission is to meet in September–October. “I am not saying that restructuring will happen. I am saying that there will be an agreement so that the financial topic continues its development. Financial authorities will announce a final product and its form, whether it will be a restructuring or another type of an agreement,” he said.

He also said that Russian coal producer VostokCoal and its Venezuelan partners plan to announce cooperation projects to develop mineral deposit area Arco Minero in Venezuela in several weeks. The deposit is rich in precious metals, diamonds, coal, and other minerals.

“We know about the Russian experience in the development of diamond fields, and in production of gold. We’ve already held meetings with the Natural Resource and Environment Ministry so that a group of specialists and geologists visit Venezuela and start the work,” he said.

The two countries are now working on laying a fiber optic cable between Russia and Venezuela. The countries are discussing cooperation in the communications sphere and in information security and fighting terrorism, he said.

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