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Gazprombank extends $1 billion loan to Petroleos de Venezuela

November 29, 2013, 10:39 UTC+3 CARACAS
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CARACAS, November 29. /ITAR-TASS/. Russia’s Gazprombank has extended a $1 million loan to Venezuela’s oil company Petroleos de Venezuela (PdVSA) for increasing oil production by the Petrozamora JV. The loan agreement was signed in the Venezuelan capital on Thursday by Deputy Chairm·n of the Management Board of Gazprombank Aleksander Muranov and Venezuelan Minister of Petroleum and Mining Rafael Ramirez who also heads the state-run PdVSA.

The loan will allow Petrozamora that is engaged in oil production on the eastern shore of Lake Maracaibo to increase production from 70,000 to 104,000 barrels a day. In total, capital investment of $2.5 billion is needed to reach this production level, Ramirez said.

The minister noted that with taking into account the agreement with Gazprombank, this year’s volume of foreign investment in the Venezuelan economy had reached $9.975. Previously, Venezuela signed agreements with Russia’s Rosneft, U.S. Chevron, Italy’s Eni and China National Petroleum Corporation (CNPC). The signing of an investment agreement with Spain’s oil company Repsol is expected in the near future.

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