Japan provides new funding to Venezuela for a billion dollars for oil projects

abarrelfullabarrelfull wrote on 25 Apr 2012 05:58
Tags: jbic refinery s-america venezuela

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Among the agreements reached at the Fourth Steering Committee for Energy Cooperation and Japan Venezuela highlights the financing for the expansion of the El Palito refinery for $ 800 million and 200 million loan dollars for the procurement of goods and oil services, resources will be provided by the Japan Bank for International Cooperation (JBIC, for short) and other Japanese companies.

The two countries renewed the memorandum of understanding to promote cooperation in oil and gas between JOGMEC companies, Marubeni and PDVSA, another for the use of coke Venezuelan electricity generation supported by Mitsubishi and one between Itachi, Marubeni and PDVSA to increase the recovery factor in mature fields, including the financing of JBIC.

"We want the economies of Japan and Venezuela are complementary," said People's Minister of Petroleum and Minerals and President of Petroleos de Venezuela, Rafael Ramirez, during his speech at the closing session of the Fourth Committee of Management of the energy cooperation relations between both countries.

Ramirez, who was accompanied by the holder of the office of Economy, Trade and Industry Japan, Yukio Edano, said that Venezuela provides " strategic importance to our relationship with Japan and that's why we look at the highest level. "

PDVSA president said Venezuela has the largest oil reserves in the world with 600 million 297 thousand barrels of oil certificates, natural wealth that gives the country an important role in the global economy.

Minister Ramírez said that the world faces a severe economic crisis, which results in increased competition for natural resources. Therefore stressed the importance of Venezuela, the largest oil province of the planet that has a reservoir of oil for the next 300 years.

He said that since the relaunch of bilateral ties with Tokyo boosted by Commander President Hugo Chavez, "the relationship between the two countries has reached an excellent level."

For his part, Minister of Economy, Trade and Industry of Japan, Yukio Edano, said that talks between both delegations were carried out dynamically: "For Japan, Venezuela is a very important partner, so we expect the exchanges will be further deepened. "

During the fourth meeting of the Steering Committee Venezuela and Japan continued the effort begun by Tokyo and Caracas in 2009, when the first efforts were to harness the potential of existing resources within the Venezuelan territory with the technological strength and financial capacity of the Japanese to realize joint projects in the hydrocarbons sector.

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