PDVSA Inks $2.2bn Enarsa JV

Venezuela’s PDVSA has inked a joint venture agreement with Argentina’s energy company Energia Argentina (Enarsa) to develop the Junin block in the Orinoco region. The joint venture is set to invest $2.2bn to eventually produce as much as 100,000 barrels of crude a day, PDVSA says. Both companies will also join forces in the development of a refinery in Argentina that will process 100,000 barrels a day. PDVSA and Enarsa officials could not immediately be reached for comment. It remains unclear how the investment in the venture will be financed. That said, PDVSA’s access to the markets remains open. In recent years PDVSA has aggressively sold billions in bonds and also secured loans from the Chinese government in exchange for oil shipments.