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[China-Venezuela Joint Fund] Construction of New Pellet Plant and Production Upgrade at Ferrominera Orinoco (Linked to Record ID#37804 and #37808)
| Funder | China Development Bank (CDB) |
|---|---|
| Recipient Organization | Banco de Desarrollo Económico y Social de Venezuela (BANDES)|China-Venezuela Joint Fund |
| Country | Venezuela |
| Start Date | Jan 01, 2011 |
| End Date | Apr 06, 2033 |
| Duration | 8,131 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 37924 |
Grant Description
[China-Venezuela Joint Fund] Construction of New Pellet Plant and Production Upgrade at Ferrominera Orinoco In May 2011, it was announced that Ferrominera Orinoco (FMO), which produces hot-briquetted iron or HBI, would be receiving $900 million USD from the China-Venezuela joint fund to build a second pellet production line which would produce 3 million tons of pellets.
This project had previously been announced in 2009, but did not materialize. This project was funded by the $20 billion USD loan in #37804.
According to the Office of the Vice President of Venezuela, the total investment in the project is $425,857,142.86, with China contributing a majority of the funding.
On January 22, 2015, China First Metallurgical Group signed a contract to work on the FMO second 3 million tons pellet production line project.
According to the contract, China First Metallurgical Group will complete the dust removal of the ring cooler system, screening room, pellet yard, transfer station, belt and corridor, construction and installation of system engineering and facilities such as transformers, and chain grate room substations.
MCC North is responsible for the project design and supplying equipment.
According to a report from the Corporacion Venezolana de Guayana, the project's official start date was July 20, 2012 and it is 76.51% complete. The planned completion date is January 25, 2022.
The China-Venezuela Joint Fund receives contributions from China Development Bank and FONDEN, and it is administered by BANDES. See Record ID#58677 for more information on the fund.
Staff Comments
This project does not have a transaction amount because the transaction amount is captured in project ID #37804.
Sources & References
- Venezuela iron producer gets $900 mln China loan
- Chinese fund to finance upgrade at FMO briquette plant
- FMO
- China to build US$365mn pellet plant
- FMO recibirá USD 900 millones del Bandes para ejecución de proyectos estratégicos
- Afinan estrategias para arranque del Proyecto II Línea de Planta de Pellas
- 罗书会见委内瑞拉奥利诺科铁矿有限公司董事长
- Inspeccionan avances de la secunda linea de planta de pellas en Ferrominera Orinoco
- Insight: Venezuelan HBI trade reduced to 'nonexistent'
- The Aissami inspected the construction of a pellet plant in Ferrominera del Orinoco
- FMO's second pellet line advances slowly, startup could be delayed
- Se incendió locomotora de la CVG Ferrominera Orinoco
- Fire halts Venezuela’s HBI output, exports: union
- Gaceta Oficial de la Republica Bolivariana de Venezuela
- China-Venezuela Economic Relations: Hedging Venezuelan Bets with Chinese Characteristics
- 中国一冶集团新签委内瑞拉300万吨球团生产线合
- Ferrominera's 2nd pellet line expected in October: Maduro
- Project: Construction of the Second Line of Pellets Plant CVG Ferrominera Orinoco C.A. (FMO) Loan applications and disbursements are still being received and processed as the projects continue to evolve. Ongoing monitoring and evaluation are in place to ensure project continuity.
All Grantees
Banco de Desarrollo Económico y Social de Venezuela (BANDES)|China-Venezuela Joint Fund
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