China Eximbank provides $391 million loan for Pequiven Maritime Terminal Construction Project

On September 24, 2013, the China Eximbank and Venezuela signed a $391 million commodity-backed loan agreement with Petróleos de Venezuela, S.A. (PDVSA) — Venezuela’s state-owned oil and natural gas company — for the Pequiven Maritime Terminal Construction Project. The purpose of this project is to build a sea port terminal for Petroquímica de Venezuela, S.A. (Pequiven), which is Venezuela´s state-owned petro-chemical company. The sea port terminal will facilitate the export of urea and ammoniac from Venezuela to China. The Pequiven Maritime Terminal is located at the Industrial and Petrochemical Complex José Antonio Anzoátegui (also known as the Complejo Criogénico José Antonio Anzoátegui) in Anzoátegui. China Harbour Engineering Company (CHEC) is the Chinese contractor responsible for the implementation of the project. Grupa Incostas Nouel and Bam International also helped implement the project (most likely as a subcontractor) The project was originally expected to be completed in 2016. The marine dock was to be able to support vessels up to 65,000 dead weight tonnage. The facilities were designed to have a 30-year lifetime. Although the precise project completion date is not known, according to Bam International, as of March 2020, the terminal had been completed.

Additional details

1. The Pequiven Maritime Terminal is also known as the Morón maritime terminal. 2. The Spanish project title is El Proyecto del Terminal Marítimo de Morón. 3. The borrowing terms of China Eximbank’s loan to PDVSA are unknown. This issue warrants further investigation.

Number of official sources

5

Number of total sources

16