PDVSA Secures $4 Billion China Loan to Boost Orinoco Oil Output
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Petroleos de Venezuela SA, the state-owned oil producer, said it secured a $4.02 billion loan from China’s Development Bank Corp. to increase production at the Sinovensa heavy oil joint venture in the country’s Orinoco belt.
The agreement was signed in Beijing by PDVSA President Rafael Ramirez, Sinovensa President Erwin Hernandez and CDBC Vice President Wang Yongshen, the Caracas-based company known as PDVSA said yesterday in a statement on its website. Financing details weren’t provided.