CARACAS (Dow Jones)--Venezuelan state energy monopoly Petroleos de Venezuela, or PdVSA, plans to list shares of a unit on the Hong Kong stock exchange, the company's finance director said Monday.

PdVSA Finance Director Victor Aular said the company has hired Citic Securities Co. (6030.HK), a unit of Chinese conglomerate Citic Group, to advise on the planned listing, but didn't offer the name of the unit.

PdVSA and its financial advisers were negotiating the listing and don't have a time frame for when the listing could be completed, Aular said on the sidelines of a signing ceremony on Monday, where the Venezuelan government signed a number of accords with Chinese state-owned companies for new joint ventures and financing for projects in the oil, mining, and housing sectors.

He added that the PdVSA entity will be used to make share offerings and the unit will manage PdVSA's minority stakes in commercial joint ventures between the Chinese and Venezuelan governments.

-By Kejal Vyas, Dow Jones Newswires; 58-414-249-6821; kejal.vyas@dowjones.com

Amazing how the other big criticism of Crystallex by VZ was they were making money (SIC) in the market.

Can you say ILLEGAL TRADING!!!!!!! I'd love to see their books.

Anybody lining up to buy shares when this happens if it actually does? HAHA

Dealing with Hugo must be like being back in grade school kids.

JJ