China to loan billions to Venezuelan oil producer

State-owned oil producer Petroleos de Venezuela (PDVSA) signed a US$4.02 billion loan deal with China Development Bank (CDB) to increase production at a Chinese-Venezuelan joint venture in Venezuela’s Orinoco belt, Bloomberg reported. The loan will be used to nearly triple production to 330,000 barrels a day at the Sinovensa joint venture plant, which is 35.75% owned by state-run China National Petroleum Corporation (CNPC), the PDVSA website said Tuesday. PDVSA President Rafael Ramirez, Sinovensa President Erwin Hernandez and CDB Vice President Wang Yongshen signed the deal in Beijing, according to the website, which did not disclose further financial details.