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Russian bank ready to issue loans to Venezuelan joint venture

July 02, 2013, 16:43 UTC+3
The joint venture is set up by Corporation Venezolana de Petroleo, a PDVSa filial company, and the Russian Gazprom Bank Latin America Ventures BV
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MOSCOW, July 2 (Itar-Tass) - Russia’s Gazprombank, a financial subsidiary of the gas industry giant Gazprom is ready to open a credit line in the amount of $ 1 billion to its joint venture with the Venezuelan oil corporation PDVSa, the bank’s Deputy CEO, Alexander Muranov told reporters Tuesday after the bank and the PDVSa signed an agreement on terms of loaning.

The joint venture set up by Corporation Venezolana de Petroleo, a PDVSa filial company, and the Russian Gazprom Bank Latin America Ventures BV, is developing two deposits in the Venezuelan State of Zulia.

Both deposits are in the mature phases of development and contain heavy oils.

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