Maria Ramirez Hair

The financing ascends to a total amount of US$ 20 billions

In agreement with a special note of conjuncture of Ecoanalítica, China will extend to Venezuela a line of credit in American dollars by a maximum sum of US$ 10,000 million and another line credit in yuanes by a CNY principle 70,000 million (US$ 10,000 million). The maximum term of each line of credit will be of ten years counted as of the date of the company/signature in the agreement of line of corresponding credit.

“Pdvsa, in the name of the Government of the Bolivariana Republic of Venezuela, will sell crude petroleum to China National United Oil Corporation of this form: for year 2010, not less than 200,000 daily barrels (kb/d); for year 2011, not less than 250 kb/d; for the year 2012 to date in which the obligations under the financing agreement total and have been unconditionally fulfilled, not less than 300 kb/d”.

It indicates the report that China will directly deposit the money by the purchase of crude petroleum in collector accounts open and maintained by Venezuela with Chinese; “the portion corresponding to the money that is deposited in the collector accounts will use to pay to the moneylender the capital, I interest and other amounts owed. The legislative authorities and the Venezuelan executive authorities will guarantee through designated regulatory legal frame, that the structure of payment before described, obeys the laws Venezuelan”.

The described lines of credit previously will be applied for projects of spread in the construction of infrastructure, social, energy, mining development and agricultural development in Venezuela.

“The cooperation projects will be selected altogether by the parts. Insofar as it allows the Law it and the parts decide to it, leaves from the lines of credit could be used in China for projects of cooperation between both countries”, emphasizes Ecoanalítica.