"PdVSA is also still in negotiations over a possible listing on the Hong Kong stock exchange, said the spokesman, but declined to give more information."

"PdVSA's debt level rose to $31.2 billion at the end of the first six months of 2011, according to the company's latest financial results. That's a more-than ten-fold increase from the $2.9 billion debt level recorded at the end of 2006. The company is expected to release full-year financial results for 2011 soon."

That should look good at an IPO.