CARACAS, Friday February 23, 2007 | Update
Tuesday 20th
Kirchner to visit Venezuela
Argentinean President Néstor Kirchner Tuesday departed
for Venezuela, where he is meeting with his Venezuelan counterpart
Hugo Chávez to initial a number of economic and financial
agreements, AP reported.
Kirchner is accompanied by Minister of Foreign Affairs Jorge
Taiana and Minister of Economy Felisa Miceli, but senator
Cristina Fernández, Kirchner's wife, is not traveling
to Venezuela as previously announced.
Kirchner's presidential airplane is landing in Puerto Ordaz,
southern Bolívar state, where Chávez is welcoming
his Argentinean counterpart on Tuesday.
Kirchner, Chávez expected to announce joint
issuance of debt bonds
Venezuelan and Argentinean Presidents Hugo Chávez and
Néstor Kirchner, respectively, are expected Tuesday or
Wednesday to announce the second joint issuance of the Bond
of the South for some USD 1 billion, according to financial
sources.
Kirchner late Tuesday is kicking off an official visit to
Venezuela during which he is to initial trade agreements,
promote the creation of the Bank of the South, define the
Venezuelan financial aid to Argentinean dairy cooperative
Sancor and announce the first joint drilling of an oil well
by Venezuelan and Argentinean state oil firms Pdvsa and Enarsa.
The Venezuelan Legislature okayed a debt issuance for some
USD 2.4 billion, a part of which are to be used to launch
the second issuance of the Bond of the South together with
Argentina.
Wednesday 21st
Chávez appoints new ambassador to Argentina
President Hugo Chávez Wednesday announced he has
designated Arévalo Méndez as his ambassador to Argentina.
The announcement came during a ceremony in San Tomé,
eastern Anzoátegui state, where Chávez and his Argentinean
counterpart Néstor Kirchner initialed a number of bilateral
cooperation and integration agreements.
"I am making this announcement, and President Kirchner has
been informed already," Chávez said, adding that Argentina
has okayed Méndez' appointment.
Venezuela buys USD 750 million Argentinean debt bonds
Venezuela bought USD 750 million in Argentinean debt bonds
maturing in 2015 which Caracas is subsequently including in
a new issuance of Bonds of the South, Argentinean Clarín
newspaper said Wednesday quoting Argentina's Minister of Finance
Felisa Miceli.
Caracas has lately become Argentinean President Néstor
Kirchner Government's major source of funds, with direct purchases
of debt titles exceeding USD 3 billion, Reuters reported.
According to Clarín, Miceli claimed that Venezuela deposited
USD 750 million last February 16th, and the bonds Caracas
purchased will be included in a USD 1.5 billion issuance of
the Bond of the South, an instrument combining debt titles
of both countries.
Chávez, Kirchner inaugurate in Venezuela first
oil well to be operated by Argentina
The Presidents of Venezuela and Argentina, Hugo Chávez
and Néstor Kirchner, respectively, Wednesday inaugurated
at the heavy-crude oil Orinoco strip the first oil well Argentinean
firms are to operate in Venezuela.
The reservoir is located in Block Ayacucho Number 6, Rig
PDV 09, in San Tomé, south Anzoátegui state -one
of the four states comprising the huge deposit of hydrocarbons
in eastern Venezuela, the official news agency ABN reported.
In San Tomé, Chávez and Kirchner are initialing
investment and cooperation agreements in the areas of technology,
agriculture, gas and energy they started negotiating back
in 2006.
Thursday 22nd
Argentina, Venezuela create technical committee for
Bank of the South
Venezuela and Argentina established a bilateral committee
to coordinate the creation of the Bank of the South, which
is to operate in the near future everywhere in South America,
announced Minister of Finance Rodrigo Cabezas.
The technical meetings will be aimed at defining the bank's
structure, technological platform and seats.
Friday 23rd
Small investors with precedence to buy Bonds of the
South
Venezuelan Government next February 26th is launching
the Bond of the South, and minimum investment required is
USD 1,000, official sources said.
Minister of Finance Rodrigo Cabezas Thursday claimed this
would be a "democratic issue of bonds, and that is the reason
why small investors, small savers, savings associations and
pensioners" will have precedence to purchase these titles.
The bond issuance -launched jointly with Argentina- comprises
Venezuelan covered interest and capital titles (TICC) for
USD 750 million and Argentinean Bonden 15 for 750 million.
While Cabezas would not elaborate on the terms of the bonds,
he did stress "yield will be high."
Pdvsa, Enarsa move to buy Argentinean oil firm Rhasa
Venezuelan and Argentinean state oil firms Pdvsa and
Enarsa moved to purchase Argentinean oil company Rhasa after
tax liabilities pending were settled, Friday said economic
press reports in Argentina.
Both state companies have been making joint attempts at purchasing
Rhasa for over one year now. Rhasa is owned by the Sambucetti
family and comprises one refinery and 150 gas stations throughout
Argentina, Efe reported.
04:20 PM. Western Hemisphere. Colombian President Álvaro Uribe said on Tuesday that governments should ensure citizens' rights to live on the border, in reference to a political and diplomatic crisis with Venezuela and its effects on border residents.