[China-Venezuela Joint Fund] CDB funds USD 3.8 billion Polyethylene Plant (linked to project ID#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
No
Category
Project lifecycle
Description
On July 22, 2012 Hugo Chavez inaugurated the a polyethylene plant (Spanish: Planta de Polietenos (1-Buteno) in Port of Altagracia, Zulia. The plant cost USD 3,802,000,000 or VEF 23,952,000,000. It was funded by the China-Venezuela Joint Fund (see project ID#58677) and FONDEN, a Venezuelan state-owned development fund. The plant was located in the Ana María Campos Petrochemical Complex (Spanish: Complejo Petroquímico Ana María Campos). The plant was implemented by the Ministry of People's Power for Petroleum and Mining and PEQUIVEN, a Venezuelan state-owned petrochemicals company. The plant has an annual capacity of 15,000 tons. The state-owned company POLINTER (Spanish: Poliolefinas Internacionales English: Polyolefins International) was created to administer this plant and others in the Ana Maria Campos complex. It is unclear when this project was first announced.
Additional details
1. No transaction amount is recorded because it is captured by project ID#58677.
Number of official sources
3
Number of total sources
4
Details
Cofinanced
Yes
Cofinancing agencies [Type]
Fondo Nacional para el Desarrollo Nacional (FONDEN) [Government Agency]
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]
Venezuela Ministry of Energy and Mining [Government Agency]
Pequiven - La Corporación Petroquímica de Venezuela [State-owned Company]
Polinter [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.