China Pumps Another $4B Into Venezuelan State-Run Oil Co.

Law360, New York (June 6, 2013, 2:27 PM EDT) -- State-run oil company Petroleos de Venezuela SA has secured a new $4 billion credit line with the Export-Import Bank of China for oil field development, the second $4 billion Chinese loan secured by PDVSA this week, Venezuela's oil minister said Thursday.

Speaking in Tokyo as part of a tour of Asian countries, Venezuelan Oil Minister Rafael Ramirez confirmed that the oil-rich South American country has secured $4 billion in new funding from China. PDVSA had announced Wednesday that it was in talks with China Ex-Im Bank...
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