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Venezuela to receive $5 bn loan tranche from China this month

Caracas, Mar 7 (EFE).- Vice President Rafael Ramirez said Friday that Venezuela would receive a new $5 billion tranche of funding this month from China. The new disbursement will be received by the Joint Chinese-Venezuela Fund and allow Venezuela to maintain its pace of investment in large infrastructure projects, he told a press conference. Ramirez, who also serves as Venezuela's oil minister, said the agreement was reached after his meeting last week in Beijing with Chinese Vice President Li Yuanchao and other authorities.

Venezuela to receive $5 bn loan tranche from China this month

Caracas, Mar 7 (EFE).- Vice President Rafael Ramirez said Friday that Venezuela would receive a new $5 billion tranche of funding this month from China. The new disbursement will be received by the Joint Chinese-Venezuela Fund and allow Venezuela to maintain its pace of investment in large infrastructure projects, he told a press conference. Ramirez, who also serves as Venezuela's oil minister, said the agreement was reached after his meeting last week in Beijing with Chinese Vice President Li Yuanchao and other authorities.

Q&A-What do protests in Venezuela mean for the oil industry?

HOUSTON (Reuters) - Two weeks of violent protests in Venezuela have killed at least 13 people and raised doubts about what the unrest could mean for the oil industry, which accounts for 96 percent of the OPEC member nation's hard currency income. Rampant crime, a deteriorating economy with rocketing inflation and shortages of staple consumer goods are putting pressure on President Nicolas Maduro, who narrowly won an election last April.

Spain's Repsol signs $1.2 bn financing agreement with Venezuela

Caracas, Feb 14 (EFE).- Repsol signed a financing deal Friday with Venezuelan state oil company PDVSA that calls for the Spanish energy major to invest $1.2 billion to boost the output of the companies' Petroquiriquire joint venture. PDVSA boss Rafael Ramirez, who is also Venezuela's vice president, and Repsol CEO Antonio Brufau signed the loan accord for the joint venture, in which the Venezuelan firm has the majority stake.

Spain's Repsol signs $1.2 bn financing agreement with Venezuela

Caracas, Feb 14 (EFE).- Repsol signed a financing deal Friday with Venezuelan state oil company PDVSA that calls for the Spanish energy major to invest $1.2 billion to boost the output of the companies' Petroquiriquire joint venture. PDVSA boss Rafael Ramirez, who is also Venezuela's vice president, and Repsol CEO Antonio Brufau signed the loan accord for the joint venture, in which the Venezuelan firm has the majority stake.

Venezuela secures $1 billion loan from Russia's Gazprom for joint oil project

CARACAS, Venezuela - Venezuela's state-run oil company has secured $1 billion in financing from Russia's Gazprom to help the oil-dependent economy boost sagging output. Oil Minister Rafael Ramirez said the loan will help PDVSA reduce its debt load and speed up development of a joint project with Gazprom in western Zulia state. Ramirez said another loan for $1.2 billion from Spain's Repsol should be finalized next month. That would bring to nearly $10 billion the amount PDVSA has raised from its foreign oil partners this year.

Fire at Venezuelan refinery, no injuries

State-owned Petroleos de Venezuela reported a fire Friday at a refining complex in northeastern Venezuela, the latest in a string of oil industry mishaps. Cruz Somoza, a manager at the refinery, said the blaze was "totally controlled" and no one was injured. He said the fire broke out at 6:35 am local time (1035) in a refining facility for heavy crude in the state of Anzoategui. The cause of the blaze was under investigation, he said.

Fire at Venezuela refinery, government says under control

CARACAS (Reuters) - A fire broke out at Venezuela's 146,000 barrel-per-day El Palito refinery on Sunday, but it was being brought under control and has not harmed operations, the oil minister said. "Our teams are putting out the fire. There is no danger to operations nor to people living near the plant," Rafael Ramirez told state TV, adding the cause was still being investigated.

Repsol plans $4 billion Venezuela investment up to 2022

CARACAS (Reuters) - Spain's Repsol <REP.MC> plans to invest $4 billion from now until 2022 in its various oil and gas projects in Venezuela, state-oil company PDVSA said on Friday. Repsol and PDVSA have a joint venture that runs mature oil fields in the east and west of the OPEC member nation that produce about 40,000 barrels per day. The Spanish company also works with PDVSA in an offshore natural gas project and is a key part of a consortium seeking to tap Venezuela's vast Orinoco extra heavy crude belt.

Venezuela seizing two workover rigs from U.S. company

HOUSTON/CARACAS (Reuters) - Venezuela is in the process of seizing oil equipment owned by Houston-based Superior Energy Services, a company spokesman said on Monday, after state-run PDVSA failed to pay debts owed to the U.S. company. In recent years, Venezuela has seized assets of contractors after they halted work to demand PDVSA pay past due bills. PDVSA began accumulating billions of dollars in unpaid bills with service companies after the financial crisis.
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