Venezuela's PDVSA prepares to meet foreign debt commitment

FILE PHOTO: A PDVSA gas station is seen next to building apartments in Caracas, Venezuela, July 25, 2017. Picture taken July 25, 2017. REUTERS/Andres Martinez Casares/File Photo

CARACAS (Reuters) - Venezuelan state oil company Petroleos de Venezuela (PDVSA) has initiated bank transfers to meet its foreign debt commitments for the month, the company said in a statement on Thursday.

PDVSA, the main source of foreign exchange earnings for the South American country, must pay more than $3.0 billion in debts in the remainder of 2017.

“Banking transfers corresponding to the interest on the PDVSA 2022 bond coupon of 12.75 percent for $191.3 million have already begun,” the company said. “Thus, the state shows its full solvency.”

Reporting by Deisy Buitrago; Editing by Leslie Adler