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Venezuela state oil company to issue $3B in bonds

Venezuela state oil company to issue $3B in bonds

Venezuela's state oil company says it will issue $3 billion in bonds next week.
Petroleos de Venezuela SA says the debt sale will start Monday and will be denominated in dollars, but payable in Venezuelan currency.
The company said Friday that funds raised will go toward investments as Venezuela aims to increase oil production.
Earlier this month, President Hugo Chavez's government announced the sale of nearly $5 billion in debt bonds to local investors.
The debt sales have aimed to finance spending and stimulate the economy, which contracted 2.4 percent in the second quarter of 2009. They also have had the effect of boosting the Venezuelan currency's value against the dollar in black market trading.