PDVSA COMMERCIAL CREDITORS AWAIT OFFICIAL DEBT RESTRUCTURING FRAMEWORK TO UNLOCK FOREIGN CAPITAL

Claims-reconciliation Process to Establish a Credible Foundation and Restore Supply-Chain Financing

CARACAS, Venezuela, Nov. 10, 2026 — The PDVSA Commercial Creditors Committee awaits the official announcement of a claims-reconciliation mechanism and debt-restructuring framework by Venezuelan authorities, a move industry leaders say will clear the path for international financing for the local energy sector.

The committee, grouped under the «Capital Nacional» initiative and representing domestic oilfield services providers, construction and engineering firms, suppliers and manufacturers, said formalizing a transparent reconciliation framework is crucial to resolving legacy liabilities owed by state oil company Petróleos de Venezuela, S.A. (PDVSA). By converting uncertified commercial arrears into recognized, audited financial instruments, local service providers expect to strengthen balance sheets and re-establish credit with foreign financial institutions and prospective equity partners.

"A reliable claims-reconciliation mechanism is the essential foundation required to restore market confidence," said José Barreto, president of Representaciones Barcán and director of the Venezuelan Petroleum Chamber. "Once legacy trade claims are verified and made eligible, domestic contractors will be positioned to secure the international credit facilities and supply-chain financing needed to expand oil field operations, procurement, and support expanding oil projects."

The committee emphasized that local oilfield service companies are currently experiencing strong demand driven by expanding upstream oil projects across key basins. This rapid expansion has constrained the local availability of specialized oilfield service equipment. Access to international financing and trade credit is critical to allow domestic service contractors to acquire advanced technology, import specialized equipment, and expand operational capacity to meet project needs.

Key objectives emphasized by the committee include:

• Transparent Claims Auditing: Establishing a reliable, audited registry to validate outstanding commercial invoices and trade claims held by private contractors.
• Debt Restructuring Framework: Disclosing legal and financial mechanisms for an orderly and coordinated restructuring process.
• Statute of Limitations for Domestic Commercial Claims: Suspend or pause the statutory limitation periods for accepted, validated commercial claims.
• Operational & Capacity Expansion: Directing restored liquidity toward procuring specialized tools, modernizing field equipment, retaining skilled labor, and expanding services to resolve industry capacity bottlenecks.

The committee noted that it stands ready to collaborate with government financial advisers and other creditors committees as soon as formal guidelines for a claims-reconciliation process are announced.

SOURCE Capital Nacional