Asphalt MOU between CRBC and PDVSA
Not recommended for aggregates
This project is not recommended for use in creating aggregated sums. See the documentation for more information about this criteria.
Summary
Funding agency [Type]
China Development Bank (CDB) [State-owned Policy Bank]
Recipient
Venezuela
Sector
Transport and storage (Code: 210)
Flow type
Loan
Level of public liability
Unallocable
Infrastructure
Yes
Category
Project lifecycle
Description
On August 31, 2010, PDVSA asphalt subsidiary of Asfalto signed a memorandum of understanding with China Road and Bridge Corporation to pursue infrastructure projects. The partners built a highway connecting San Fernando in Apure state, to Tucupita. This formed part of the transport infrastructure necessary for the new Orinoco oil projects comprised in PDVSA's Siembra Petrolera Plan, as well as road work in refineries and other key oil and gas installations. The status of these projects is unknown. This project is financing through the China Venezuela Joint Fund. The Fund receives contributions from China Development Bank and FONDEN, and it is administered by BANDES. See project ID#58677 for more information on the fund.
Number of official sources
1
Number of total sources
2
Details
Cofinanced
No
Implementing agencies [Type]
China Road & Bridge Corporation (CRBC) [State-owned Company]
Banco de Desarrollo Económico y Social de Venezuela (BANDES) [State-owned Bank]
China-Venezuela Joint Fund [State-owned Fund]
Collateral provider [Type]
Pétroleos de Venezuela S.A. (PDVSA) [State-owned Company]
Collateral
Venezuela undertakes through PDVSA to sell fuel and / or crude oil in accordance with the oil contract (s) to ChinaOil in quantities not less than 230,000 barrels per day, by the date on that the obligations assumed with respect to the facilities have been completed and unconditionally fulfilled by BANDES; ChinaOil will deposit the money for the purchase of crude oil and fuel directly into the collection account opened and maintained by the BANDES and CDB.