Venezuela to get $5 billion in funding from China in next few months: PDVSA official
World | Tue Jun 16, 2015 8:39pm EDT
Venezuela to get $5 billion in funding from China in next few months: PDVSA official
MARACAIBO | By Alexandra Ulmer and Deisy Buitrago
Venezuela will receive a loan of $5 billion from China in the coming months for crude oil projects, a director at state-owned Petroleos de Venezuela said on Tuesday.
China has become Venezuela's principal financier over the last decade, lending more than $46 billion to be repaid in oil.
"It is being discussed right now and will come within a few months," Orlando Chacin, vice president of exploration and production at PDVSA [PDVSA.UL], said in an interview.
The resources should help the oil company as it handles the severe impact of the drop in crude prices.
More:
http://www.reuters.com/article/2015/06/17/us-venezuela-china-loan-idUSKBN0OX01O20150617?rpc=401
