[China-Venezuela Joint Fund] Seamless Pipe Plant in Bolivar, Venezuela (linked to #58677)
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
Yes
Category
Project lifecycle
Geography
Description
The China-Venezuela Joint Fund funds a seamless pipe plant in Ciudad Guayana, Venezuela. The first commitment to the joint fund was made in 2007, and the Medium source says that in 2010 the project was executed, but other than that the specific commitment date to this project is unknown. The project will be located at Siderúrgica del Orinoco “Alfredo Maneiro” complex (Sidor) and the plant will specifically manufacture of seamless tubes for the oil industry. The China Development Bank has provided three tranches and one long term facility to the Joint Fund in total (#58677). Bandes manages this fund.
Additional details
Medium source says that the project was "executed" in 2010, which is why the start date is coded as 2010. The flow type is unclear, however, the Chinese part of the fund is financed by a loan, so the same could be assumed here. The transaction amounts for all sub-projects are accounted for in the projects for the three tranches and their renewals. Because it is unclear how much funding for each project is from the Chinese side and it is unclear which tranche is funding each sub-project, the transaction amounts should not be recorded until this information is known.
Number of official sources
0
Number of total sources
4
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]
Metallurgical Corporation of China Ltd (MCC) [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.