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PDVSAPetróleos de Venezuela (Spanish: Petroleums of Venezuela)
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Reports suggesting that Reliance is involved in an arrangement that leads to cash payment for oil supplies to PDVSA via third parties are 'false and reckless,' it said in a statement, adding the oil refining major is not in violation of any sanctions imposed by the United States.
While many foreign firms have been cutting their exposure to PDVSA since the sanctions were imposed, the fact that a lender closely aligned with the Russian state is following suit is significant because the Kremlin has been among Venezuelan President Nicolas Maduro's staunchest supporters.
Todays designation of PdVSA will help prevent further diverting of Venezuelas assets by Maduro and preserve these assets for the people of Venezuela.
An international court ruled in favor of Conoco in April and ordered PDVSA to pay.
In a statement, PDVSA said that the barges were used to drill and repair wells in Lake Maracaibo, a traditional hub of oil production, and that the workers had received severance pay from Schlumberger, the former operator of the vessels.
US authorities in October 2015 launched a series of wide-ranging investigations into whether leaders in financially troubled Venezuela used PDVSA to siphon off billions of dollars from the country through kick-backs and other schemes.
This venture now is solely run by CVP - the operating unit of PDVSA.
Caracas in October 2007 said PDVSA was to add 47,000 workers on its pay-roll within a period of three years, raising its labour force over 60% by 2010.
PDVSA, la tercera empresa mas grande de America Latina, esta en problemas.
The South American Opec member's state oil company issued a defiant statement saying it was deducting debts owed by Exxon, including PDVSA's repurchase of bonds linked to the nationalised project.
The notes are covered by an unconditional and irrevocable guarantee of payment provided by PDVSA Petroleo SA, the exploration and production unit of PDVSA.
PDVSA had earlier asked its foreign partners to secure funding to increase production at joint ventures.