CDB provides $1.5 bln credit line for PDVSA to purchase 40% share of Abreu e Lima oil refinery from Petrobras (Linked to Project ID #38053 and #38056)
Commitment amount
$ 1844820272.011916
Adjusted commitment amount
$ 1844820272.011916
Constant 2021 USD
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
Industry, mining, construction (Code: 320)
Flow type
Loan
Level of public liability
Other public sector debt
Infrastructure
No
Category
Project lifecycle
Description
In November 2011, Venezuelan state-owned oil company PDVSA entered into a $1.5 billion USD credit line facility to purchase a 40 percent stake of the Abreu e Lima refinery near Recife, Brazil. The refinery is already under construction by Brazil's state-controlled oil company Petrobras. It was later reported in 2013 that PDVSA has decided to pull out of the deal with Petrobras. Petrobras announced in September 2013 that it will abandon its partnership with PDVSA. Project coded as suspended for now. In order to accelerate the oil production in Venezuela, China Development Bank has agreed to provide $4 billion in loans to PDVSA (project ID #38053). This new loan would have a maturity date of 8 years at a rate of LIBOR + 5 percent. Additionally, two smaller credit lines of $1.5 billion and $500 million (project ID #38056) were provided for refinery operations and the purchase of oilfield equipment, respectively.
Number of official sources
2
Number of total sources
8
Details
Cofinanced
No
Direct receiving agencies [Type]
Pétroleos de Venezuela S.A. (PDVSA) [State-owned Company]