Repsol Extends Line of Credit for Joint Venture in Venezuela

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Repsol Extends Line of Credit for Joint Venture in Venezuela CARACAS – Venezuelan state oil company PDVSA and Repsol signed an agreement on Friday that calls for the Spanish energy company to provide a line of credit of up to $1.2 billion to expand oil production in the Andean nation. Repsol CEO Josu Jon Imaz and PDVSA chief Eulogio Del Pino put their signatures to the financing deal for the Petroquiriquire joint venture during a ceremony at the presidential palace, Miraflores. The accord “ratifies the mutual confidence between our firms – PDVSA and Repsol,” Venezuelan President Nicolas Maduro said. The new funding will allow PDVSA and Repsol to “practically double” Petroquiriquire’s output from the current level of roughly 30,000 barrels per day, Del Pino said. “This agreement entails a credit line that will be used for investments at Petroquiriquire in the next five years,” Repsol said in a statement. Also present for the event at Miraflores was Igor Sechin, CEO of Russian oil giant Rosneft, who signed a pact that will see his company invest roughly $20 billion in Venezuela.