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Venezuela pays $630 million oil project debt

Fri Dec 28, 2007 10:49pm EST

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CARACAS Dec 28 (Reuters) - Venezuela's state oil company PDVSA said on Friday it had bought back almost all bonds linked to the multi-billion dollar Cerro Negro heavy oil project that President Hugo Chavez nationalized this year.

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PDVSA said in a statement it had bought back 99 percent of the Cerro Negro bonds, to a total value of about $630 million.

Exxon Mobil (XOM.N) and BP (BP.L) in the 1990s partnered with PDVSA in the project.

But Exxon Mobil left in June after it failed to reach an agreement on the takeover of its assets, and filed an arbitration claim over the conflict, though BP stayed on as a minority partner. (Reporting by Frank Jack Daniel; Editing by Jan Dahinten)

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