Bloomberg News

PDVSA to Repay $4 Billion China Loan With Oil, Ramirez Says

February 28, 2012

Petroleos de Venezuela SA, the state oil company, will repay a loan for $4 billion from the China Development Bank Corp. with 40,000 barrels of oil a day, oil minister Rafael Ramirez told reporters today in Caracas.

The loan, which will be used to increase production at the Petrosinovensa joint venture with China National Petroleum Corp., was signed in Caracas yesterday.

To contact the reporter on this story: Jose Orozco in Caracas at jorozco8@bloomberg.net

To contact the editor responsible for this story: Daniel Cancel at dcancel@bloomberg.net


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