Venezuela gets 1.5 bln dollars oil loan from Japanese banks

13:55, June 29, 2011      

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Venezuela's state-run oil company, Petroleos de Venezuela (PDVSA), has signed a financial agreement with Japanese banks to secure a loan of 1.5 billion U.S. dollars, the government said Tuesday.

According to Rafael Ramirez, Venezuela's energy and oil minister, the loan would be provided by the Japan Bank for International Cooperation, and eight other Japanese banks, along with two Japanese trading houses.

The loan, with a term of more than 15 years and a yearly interest rate of 3.8 percent, will be used by PDVSA to upgrade two of Venezuela's oil refineries, Ramirez said.

Venezuela has 297 billion barrels of crude oil in proved reserves and more than 85 trillion cubic feet in gas reserves, Ramirez said.

Source: Xinhua
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