Project ID: 41465

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

Commitment amount

$ 441062291.9062255

Adjusted commitment amount

$ 441062291.91

Constant 2021 USD

Summary

Funding agency [Type]

Export-Import Bank of China (China Eximbank) [State-owned Policy Bank]

Recipient

Venezuela

Sector

Transport and storage (Code: 210)

Flow type

Loan

Level of public liability

Other public sector debt

Infrastructure

Yes

Category

Intent

Mixed (The next section lists the possible statuses.)

Commercial

Development

Representational

Mixed

Financial Flow Classification

OOF-like (The next section lists the possible statuses.)

Official Development Assistance

Other Official Flows

Vague (Official Finance)

Flows categorized based on OECD-DAC guidelines

Project lifecycle

Status

Completion (The next section lists the possible statuses.)

Pledge

Commitment

Implementation

Completion

Suspended

Cancelled

Milestones

Commitment

2013-09-24

Actual complete

2020-03-01

Geography

Description

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

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Details

Cofinanced

No

Direct receiving agencies [Type]

Pétroleos de Venezuela S.A. (PDVSA) [State-owned Company]

Implementing agencies [Type]

China Harbour Engineering Co., Ltd. [State-owned Company]

Loan Details

Bilateral loan

Investment project loan