Venezuelan state oil conglomerate Pdvsa is willing to receive Uruguayan Treasury bonds as part of payment for the oil it supplies to Uruguay.

Uruguayan state oil firm Ancap CEO Daniel Martínez, in Venezuela attending the First South American Energy Summit, said following a meeting with his Pdvsa counterpart Rafael Ramírez that the Venezuelan holding "found the idea interesting and believe it is a good idea," Efe reported.

He added that Uruguay expects Venezuelan authorities to reply to this proposal "over the next few hours."

In order to avoid long-term indebtedness, Ancap proposed paying 25 percent of the Venezuelan oil bill "with state bonds," Martínez explained.