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Gazprombank has $150 million credit line for JV with Venezuela’s PDVSA

Gazprombank has a $150-million line of credit for a joint venture between PDVSA and Gazprombank Latin America Ventures B.V.

Gazprombank has $150 million credit line for JV with Venezuela’s PDVSA


Moscow, January 25 - Neftegaz.RU. Gazprombank, Russia's 3rd largest lender, has a $150-million line of credit for a joint venture between Venezuela's state oil company PDVSA and Gazprombank Latin America Ventures B.V., a source told TASS.

 

Oil supplies guarantee the line of credit for Petrozamora, the source told TASS. «As part of a joint venture with the PDVSA, the bank retains a credit line for $150 million intended for the company's operating activities. The line is guaranteed by oil supplies, which makes risks minimal,» the source said.

Gazprombank, where the state-controlled gas producer Gazprom is a shareholder, said on January 24 it was not currently involved in any investment projects in Venezuela, so the risks for its business were insignificant.

 

Experts put Russian investments in Venezuela at $4.1 billion, particularly in developing the Lagunillas Tierra and Bachaquero Tierra fields, discovered in 1926 and 1938, respectively.

 


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