Posted by: youngragingbull | May 28, 2013

Chevron & Venezuela ink $2B loan deal

Chevron Corp. has agreed to lend $2 billion to a joint-venture with Venezuela’s state oil company in an effort to boost production in an oil field in western Zulia state.

Venezuela’s PVDSA oil company owns 60 percent of the joint-venture, Petroboscan, while Chevron owns a 40 percent stake.

Venezuelan Oil Minister Rafael Ramirez said the financing will help boost production in the Boscan field from 107,000 barrels a day to 127,000 barrels.


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