PDVSA Signs Loan with Itochu

PDVSA has signed an agreement for a $750m 15 year loan with Japan’s Itochu. Itochu has also signed a 15 year off-take agreement for PDVSA’s Santa Barbara crude oil. JBIC and several commercial banks insured by NEXI have formed a syndicate. The loan to the special purpose company Santa Ines will be extended to PDVSA, which will repay its debt by supplying oil and petroleum products from Venezuela with the off-taking arrangements.