Paying off Chinese loan with crude
By Fabiola Sanchez |
April 24, 2010, Saturday
|
Print Edition
Print Edition
VENEZUELA plans to pay off a US$20 billion loan from China with daily shipments of 100,000 barrels of oil over a 10-year period.
Rafael Ramirez, Venezuela's energy minister, on Thursday described terms of the deal as favorable to the county, without providing pricing details.
Venezuela already sends 460,000 barrels to China daily. Part of those shipments -- 100,000 barrels a day -- are helping service another Chinese loan of US$8 billion.
Venezuela's President Hugo Chavez said the new US$20 billion loan will finance long-term development projects in Venezuela.
The energy minister said the latest US$20 billion loan could be paid in United States and Chinese currency.
Discussions are still under way.
In 2008, Venezuela and China agreed to create a US$6 billion joint development fund, which later was increased to US$12 billion.
Rafael Ramirez, Venezuela's energy minister, on Thursday described terms of the deal as favorable to the county, without providing pricing details.
Venezuela already sends 460,000 barrels to China daily. Part of those shipments -- 100,000 barrels a day -- are helping service another Chinese loan of US$8 billion.
Venezuela's President Hugo Chavez said the new US$20 billion loan will finance long-term development projects in Venezuela.
The energy minister said the latest US$20 billion loan could be paid in United States and Chinese currency.
Discussions are still under way.
In 2008, Venezuela and China agreed to create a US$6 billion joint development fund, which later was increased to US$12 billion.
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