CDB provides $500 million loan to PDVSA for purchasing oil drilling equipment (Linked to Record ID#38053, #38055)

📋 Staff Comments

1. In order to accelerate oil production in Venezuela, China Development Bank agreed to provide $4 billion in loans to PDVSA (as captured via Project ID#38053) in 2011. This new loan would have a maturity date of 8-years at a rate of LIBOR + 5 percent. Additionally, two smaller credit lines of $1.5 billion (captured via Project ID#38055) and $500 million were provided for refinery operations and the purchase of oilfield equipment, respectively.
2. For loan and debt rescheduling records with variable interest rates, AidData calculates the all-in interest rate at T0 based on the reference rate (such as LIBOR or EURIBOR) on the loan start date, plus any known margin. Please see the methodology for additional details.

📚 Sources & References

• ACTUALIZA 2-China participará en 4 nuevas áreas crudo Venezuela
• Chinese firms do brisk business in Venezuela despite idle factories
• Venezuela and China build a pluripolar world through socialism
• China in Venezuela: loans for oil
• Venezuela recibirá préstamo chino por USD 2.000 millones para estatal PDVSA
• PVDSA 2011 Bond Prospectus
• PETRÓLEOS DE VENEZUELA
• S.A. Y SUS FILIALES (PDVSA)
• Re- Query re- data on Chinese lending to Venezuela
• China-Latin America Finance Database
• Exhibit D to the Bolivarian Republic of Venezuela's Annual Report on Form 18-K
• Consolidated Financial Statements December 31, 2016 With Independent Auditors’ Report Thereon, 2016 Consolidated Financial Statements
• CNOOC Limited Annual Report 2013
• CNOOC Limited Form 20-F For the month of August 2013
• CNOOC seeks US$6b loan to purchase Nexen
• BASIS POINT-ICBC eyes emerging markets as it expands global presence
• 案例分析：中海油收购尼克森
• BASIS POINT-CNOOC seeks financing from domestic, foreign banks for Nexen bid
• Industrial and Commercial Bank of China Limited 2012 Annual Report
• Bank of China Annual Report 2013
• ICBC Rises to Top Syndicated Loan Lead Arranger in the Asia-Pacific Region
• Agricultural Bank of China 2012 Corporate Social Responsibility Report
• CNOOC Limited completes acquisition of Nexen Inc.
• Chinese Companies Are the New Force in Global M&A
• Luxembourg, a European gateway for China: update on Private Equity and M&A
• CNOOC Limited Annual Report For the fiscal year ended December 31, 2012
• CNOOC Limited Annual Report For the fiscal year ended December 31, 2013
• CNOOC seeks $3bn for Aussie acquisition
• Nexen Secures U.S. Approval of Its Sale to Cnooc of China
• Loan Week
• February 15-21
• CNOOC Seeks $6B Loan to Back Nexen Buy
• CNOOC Limited Announces Pricing of Guaranteed Notes Offering
• CNOOC signs US$6 billion loan for Nexen acquisition
• CNOOC eyes US$10b in bonds and loans to fund Nexen deal
• Highly commended Asian deal of the year 2013: CNOOC/Nexen
• 路透基点：中海油正在寻求15亿美元五年期子弹式离岸贷款--TRLPC, 4 questions about China's Nexen bid
• Nexen deal comes back to haunt CNOOC, ‘A parade of broken promises’: How CNOOC stumbled with its Nexen takeover
• China Development Bank Annual Report 2013, 2015 Consolidated Financial Statements 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.