Russia’s Gazprombank has $150M credit line for JV with Venezuela’s state oil company

DAILY SABAH
ISTANBUL
Published 24.01.2019 20:18 Modified 24.01.2019 20:21
A general view of the Amuay refinery complex which belongs to the Venezuelan state oil company PDVSA in Punto Fijo, Venezuela, Nov. 17, 2016. (Reuters File Photo)
A general view of the Amuay refinery complex which belongs to the Venezuelan state oil company PDVSA in Punto Fijo, Venezuela, Nov. 17, 2016. (Reuters File Photo)

Gazprombank, Russia's third largest lender, has a $150-million line of credit for a joint venture between Venezuela's state oil company Petroleos de Venezuela (PDVSA) and Gazprombank Latin America Ventures B.V., a source told Russian news agency TASS on Thursday.

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 Thursday 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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