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Venezuela readies debt issuance state industrial consortium CVG CARACAS, Oct. 28. - The Government of Venezuela enlists a debt issue of the state Venezuelan Corporation of Guayana (CVG), which had announced months ago, said Wednesday a senior official of Ministry of Finance. The consortium, which works in mining and marketing iron ore, bauxite, aluminum and gold, have been looking up resources for companies hit by lack of investment, obsolescence and labor problems. "The President gave the go-ahead by the Council of Ministers, would only need to decide when, how that would work. But that is a matter that must be defined with the CVG," said Ana Consuelo Barrios, director of the Office of Public Credit Ministry . She declined to give further details. News reports speculated that the issue could be some 1,500 billion, but market participants have been difficult to sell given the current conditions of the companies, located in southeastern Venezuela. The Government has used sovereign issues and the PDVSA state oil denominated in dollars but payable in bolivars to enable investors make dollars outside the control of exchange prevailing in the country since 2003. In recent months, the CVG had been negotiating international funding between 2000-3000 dollars for all affiliated with Credit Suisse, Deutsche Bank, Russia's Gazprom and the Chinese state banks and a Japanese bank, one official said recently. President Hugo Chávez said weeks ago that his government had secured funding, but no details were reported. (Of Eyam Chinea, written by Fabian Andres Cambero, edited by Dave Zimmerman) REUTERS FAC MN http://usa.invertia.com/noticias/noticia.aspx?idNoticia=200910281808_RTI_1256753288nN28310324&idtel=