CDB provides $2.2 billion loan for Dehydration and Desalination Plant and Expansion of Jose Processing Plant in Anzoátegui

📋 Staff Comments

1. The desalination plant and the refinery expansion are both included in a single record rather than in separate records because similar facilities that were built in a different part of the country were designed with each other in mind: in addition to providing fresh water, the desalination plants also provide steam to power the refinery.
2. Multiple sources suggest that PDVSA may have on-lent the proceeds of the loan to one or more joint ventures between CNPC and PDVSA, including Petrozumano, S.A., Petrourica S.A, and Petrolera Sinovensa, S.A. This issue warrants further investigation.
3. Petrozumano, S.A. is a joint venture formed by PDVSA subsidiary CVP (60% equity stake) and CNPC Venezuela B.V. (40% equity stake) to conduct exploration and production activities of light-medium crude in the Freites and Aguasay municipalities of Anzoátegui and Monagas State, respectively. Petrolera Sinovensa, S.A. (Petrosinovensa or Sinovensa) is a joint venture of CVP (60% ownership stake) and CNPC Venezuela B.V. (40% ownership stake) that was developed to construct and develop oil field facilities (the so-called Morichal Operational Complex) to extract oil from the Carabobo block within the Morichal oil field in the Orinoco Oil Belt. Petrourica, S.A. is a joint venture between CNPC (40% ownership stake) and PDVSA (60% ownership stake) that was created to implement the Junín 4 project in the Orinoco Belt.
4. Some sources suggest that the borrower may have also used the loan proceeds to support Sinovensa’s Alternate Steam Injection Pilot Project. This issue warrants further investigation.
5. Jose Mixing Plant (abbreviated PMJ) is part of the broader Jose Antonio Anzoategui Industrial Complex (abbreviated CIJAA)

📚 Sources & References

• BU_PITCH_ENGLISH_2018.xlsx
• Re- Query re- data on Chinese lending to Venezuela
• China-Latin America Finance Database
• China's Global Energy Finance
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