Published On: Fri, Feb 15th, 2013

Curoil reached agreement with local bank

CuroilWILLEMSTAD – Fuel Distributor Curoil has reached an agreement with a local bank to refinance a portion of the debt to suppliers PdVSA (Venezuelan oil company), this was reported to the media. It is a sum of 70 million guilders.

Curoil was partly in trouble due to bad payment behavior of Aqualectra. The agreed payment between PdVSA and Curoil is thirty days. The Venezuelan state charges about 18 percent annual interest on the outstanding balance. Reportedly, Curoil is willing to charge Aqualectra a much lower percentage than the 18 percent calculation.

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