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China Eximbank provides $391 million loan for Pequiven Maritime Terminal Construction Project
| Funder | Export-Import Bank of China (China Eximbank) |
|---|---|
| Recipient Organization | Pétroleos de Venezuela S.A. (PDVSA) |
| Country | Venezuela |
| Start Date | Sep 24, 2013 |
| End Date | Jun 14, 2026 |
| Duration | 4,646 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 41465 |
Grant Description
China Eximbank provides $391 million loan for Pequiven Maritime Terminal Construction Project On September 24, 2013, the Export-Import Bank of China and Venezuela signed a $391 million commodity-backed loan agreement with Petróleos de Venezuela, S.A. (PDVSA) — Venezuela’s state-owned oil and natural gas company — for the Pequiven Maritime Terminal Construction Project.
The purpose of this project is to build a sea port terminal for Petroquímica de Venezuela, S.A. (Pequiven), which is Venezuela´s state-owned petro-chemical company. The sea port terminal will facilitate the export of urea and ammoniac from Venezuela to China.
The Pequiven Maritime Terminal is located at the Industrial and Petrochemical Complex José Antonio Anzoátegui (also known as the Complejo Criogénico José Antonio Anzoátegui) in Anzoátegui. China Harbour Engineering Company (CHEC) is the Chinese contractor responsible for the implementation of the project.
Grupa Incostas Nouel and Bam International also helped implement the project (most likely as a subcontractor) The project was originally expected to be completed in 2016. The marine dock was to be able to support vessels up to 65,000 deadweight tonnage. The facilities were designed to have a 30-year lifetime.
Although the precise project completion date is not known, according to Bam International, as of March 2020, the terminal had been completed.
Staff Comments
- The Pequiven Maritime Terminal is also known as the Morón maritime terminal.
- The Spanish project title is El Proyecto del Terminal Marítimo de Morón.
- The borrowing terms of China Eximbank’s loan to PDVSA are unknown. This issue warrants further investigation.
Sources & References
- 委内瑞拉总统马杜罗“收获时刻”访华
- China and Venezuela Consolidate Strategic Partnership
- Venezuela-China sign agreements for more than USD 20 billion
- Venezuela: PDVSA Confidential Memo Reveals $ 50 Billion Debt
- Re- Query re- data on Chinese lending to Venezuela
- Hogan Lovells Advises PDVSA on US$1 Billion Financing Deal with Russian Bank
- Venezuela's Maduro in China Gets a $5 Billion Dollar Loan
- China-Latin America Finance Database
- VENEZUELA Y CHINA EVALÚAN NUEVO CRÉDITO POR $4 MIL MILLONES PARA EQUIPAMIENTO PETROLERO
- Pequiven pertrochemical marine terminal
- José Antonio Anzoátegui
- Venezuela
- Pequiven pertrochemical marine terminal
- José Antonio Anzoátegui
- Venezuela
- Memoria 2013
- CREDENCIAL ÁREA PORTUARIA
- Venezuela suscribió acuerdo con China para construcción de terminal marítimo de Pequiven
- Proyectos Ejecutados Gracias Convenios China se Exponen Centro Caracas
- Venezuela
- China to work on new oil projects 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
Pétroleos de Venezuela S.A. (PDVSA)
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