Venezuela To Sign Loan Agreement With China Oil Company CNPC

The president of Venezuelan state-owned oil company Pdvsa, Rafael Ramírez, is to travel to Beijing next week to initial a loan agreement amounting to USD 4,000 with China National Petroleum Corporation (CNPC), a source from the company said on Wednesday.

Talks concerning the credit were held in mid-May during a visit to Venezuela by Chinese Vice-President Li Yuanchao.

Pdvsa stated that the line of credit will allow boosting production of heavy and extra-heavy crude oil from 130,000 barrels per day (bpd) to 330,000 bpd at China-Venezuela joint venture Petrolera Sinovensa, operating in Carabobo 2 block at the Orinoco Oil Belt.

Ramirez is expected to visit Beijing also to address joint initiatives in petrochemical projects related to the production of 20 million bpd of gas condensate to be used in the Paraguaná Refinery Complex in the state of Falcón, northwest Venezuela.

(eluniversal.com, edited by Topco)