Gazprombank to Lend PDVSA $1 Billion for Petrozamora Oil Project
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OAO Gazprombank, Russia’s third-largest lender, signed a $1 billion loan for the Petrozamora joint venture in Venezuela to increase crude production and expand infrastructure.
Venezuela’s state oil company Petroleos de Venezuela SA and Gazprombank finalized the accord in Caracas today attended by PDVSA President Rafael Ramirez and Gazprombank executives Boris Ivanov and Alexander Muranov. The eight-year loan will be used to almost double Petrozamora’s production to 104,000 barrels a day from 63,000 barrels, they said.