PDVSA´s Valcor project obtains Yen 40.1 billion in Financing

abarrelfullabarrelfull wrote on 05 Feb 2014 07:49

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Petróleos de Venezuela announced today that it had obtained a loan of 40.1 billion dollars from the Japan Bank for International Cooperation (JBIC) for the financing of a project designed to increase the value of the streams generated by its refinery at Puerto La Cruz, state of Anzoátegui, in eastern Venezuela, a project known in Spanish as Valcor, and which will also increase that installations capacity to obtain clean products to higher standards.

This loan is a fifth tranche outlay for the financing of the Valcor I project currently in the final construction phase and represents the most important transformation in the Puerto La Cruz Refinery operational history.

The JBIC loan was contracted under the form of an untied loan, under terms which were considered favorable to the Corporation, repayable every six months over an eight-year period, at the low interest rate of 1.1875 percent.

The aim of the Valcor I project is the production of 16,000 barrels per day of lead-free gasoline and 25,000 barrels per day of leaded fuel, as well as 48,000 barrels per day of low-sulphur diesel. This production will go to meet internal market demand and also to take advantage of export opportunities.

PDVSA considers this financing operation to be a further evidence of the international banking community’s confidence in the state-owned oil company and in Venezuela, while it sends a highly positive signal to the worlds financial markets

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