Home Latin America Venezuela’s PDVSA Oil Company to Get Over $1.4 Billion in Loans

Venezuela’s PDVSA Oil Company to Get Over $1.4 Billion in Loans

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Venezuela’s state-owned oil and gas company Petroleos de Venezuela (PDVSA) has reached an agreement on loans in the amount of over $1.4 billion with two of its partners, El Economista reports.

MEXICO CITY (Sputnik) – India’s ONGC Videsh will loan $318 million to PDVSA, while DP Delta Finance will provide a loan of $1.13 billion, the daily said on Friday.

According to Venezuela’s Oil Minister Eulogio del Pino, PDVSA has signed financing agreements worth $10.7 billion with its partners in the past two years, which will allow to increase oil production at joint ventures from 420,000 to 855,000 barrels per day. In October, PDVSA agreed with Russia’s Rosneft oil corporation on the allocation of $20 billion for the implementation of Orinoco Belt oil projects.


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