China Development Banks funds USD 1.315 billion construction of Tocoma-Uribante Transmission Line (linked to project ID#58677)
Summary
Funding agency [Type]
China Development Bank (CDB) [State-owned Policy Bank]
Recipient
Venezuela
Sector
Energy (Code: 230)
Flow type
Loan
Level of public liability
Other public sector debt
Infrastructure
Yes
Category
Project lifecycle
Description
In June 2012, China and Venezuela signed a contract to build a transmission line to connect the Tocoma and Uribante power plants. It includes the construction of eight substations and updates the electrical distribution system in the central-western region, covering Cojedes, Carabobo, Portuguesa, Yaracuy, Barinas, Mérida and Zulia states Táchira. It was also announced that month that a Chinese consortium was awarded the contract. The consortium is comprised of China CAMC Engineering Co, China Gezhouba Group, and China Electric Power Equipment and Technology Co. The contract is worth $1.315 billion. A January 2015 announcement on the CORPOLEC website appears as if the project is still under construction. This project was funded by the China-Venezuela Joint Fund (see project ID#58677).
Additional details
Number of official sources
2
Number of total sources
8
Details
Cofinanced
No
Direct receiving agencies [Type]
Banco de Desarrollo Económico y Social de Venezuela (BANDES) [State-owned Bank]
China-Venezuela Joint Fund [State-owned Fund]
Implementing agencies [Type]
CORPOELEC [State-owned Company]
China Gezhouba Group Company Ltd. (CGGC) [State-owned Company]
China Electric Power Equipment and Technology Company (CET) [State-owned Company]
China CAMC Engineering Co., Ltd. (CAMCE) [State-owned Company]
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.