Chevron Lends Venezuelan Oil Venture $2 Billion for Output Boost
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Petroleos de Venezuela SA, the country’s state-owned oil producer, signed a $2 billion financing agreement with San Ramon, California-based Chevron Corp. to increase output at their Petroboscan oil joint venture.
The loan’s interest rate is the London Interbank Offered Rate plus 4.5 percentage points, Oil Minister Rafael Ramirez told reporters in Caracas today. The money will be handled directly by Petroboscan and will help boost daily output to 127,000 barrels from 107,000 barrels, he said.