Venezuela's PDVSA Reaches $1.45B In Finance Deals With Oil Firms

Reuters

CARACAS, Nov 4 (Reuters) - Venezuelan state oil company PDVSA on Friday announced financing deals totaling nearly $1.45 billion with local firm Delta Petroleum and India's ONGC that will be used to raise production at joint venture operations.

Venezuelan company Delta Petroleum, which holds a 40 percent stake in the Petrodelta joint venture with PDVSA, will provide $1.13 billion in financing to boost the joint venture's output, PDVSA said.

ONGC will provide $318 million to finance increased crude production at the San Cristobal field, where it holds a 40 percent stake in a joint venture with PDVSA.

(Writing by Brian Ellsworth; Editing by Bernard Orr)

Copyright 2016 Thomson Reuters. Click for Restrictions.

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Luis Rondon | Nov. 15, 2016
It is a real deal. Those companies are investing in PDVSA.

Brian Clay Dean | Nov. 4, 2016
I am curious to know if this is really new financing or just a new announcement. PDVSA has a history of repackaging old deals as new.


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