Venezuela is going to issue bonds of 5billion U.S. dollars through its giant state-owned petroleum company PDVSA this week, PDVSA chief and Energy Minister Rafael Ramirez said on Friday.

The bonds with mature periods ranging from 10 to 30 years will go on sale from Monday till Thursday, Ramirez said.

Part of the money raised from the bonds will be used to back a plan aimed at boosting PDVSA's oil production capacity from the current 3.3 million barrels per day to 5.8 million bpd, the chief said.

Another part of the money will go to the National Development Fund for domestic and international aid and development projects.

As the country's largest state-owned energy company, PDVSA has stakes in exploration, production, refining and exporting oil and natural gas. It dominates the oil industry of Venezuela, the world's fifth largest oil exporter.

Source: Xinhua