[China-Venezuela Joint Fund] CDB funds USD 133 million Petrocasas Ventanas I factory (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
Central government debt
Infrastructure
Yes
Category
Project lifecycle
Description
On October 19, 2008, work began on the Petrocasas Ventanas I factory. The project cost a total of USD 133,970,000 or VEF 21,265,079.35. The project is located in Ciudad Alianza, Guacara parish, Guacara municipality, Carabobo state. It was financed by FONDEN, a Venezuelan state-owned development fund, and the China-Venezuela Joint Fund (see project ID#58677). The factory was inaugurated on August 6, 2012. The purpose of the factory was to produce doors and windows for petrocasas, or "oil houses", which are mass-produced pre-fabricated houses for Venezuelan families. This project was implemented by the Ministry of People's Power for Petroleum and Mining and PEQUIVEN, the Venezuelan state-owned petrochemicals company. In August 2012, Venezuelan opposition presidential candidate Henrique Capriles Radonski claimed that the factory inaugurated on August 6, 2012, was the same as a similar factory constructed in 2007. PEQUIVEN denied the charges.
Additional details
1. No transaction amount is recorded because it is already captured in 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]
Indirect receiving agencies [Type]
Government of Venezuela [Government Agency]
Implementing agencies [Type]
Banco de Desarrollo Económico y Social de Venezuela (BANDES) [State-owned Bank]
Venezuela Ministry of Energy and Mining [Government Agency]
Pequiven - La Corporación Petroquímica de Venezuela [State-owned Company]
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.