Venezuelan oil projects get Japanese financing
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Venezuela is set to receive loans from several Japanese companies to pay for two oil refineries to be expanded, oil and energy minister Rafael Ramirez has said.
In a statement on the state oil company Petroleos de Venezuela's website, Mr Ramirez said the financing will be used to upgrade the El Palito and Puerto La Cruz refineries, enabling them to cope with heavy crude.
The minister did not mention which companies had agreed the loans or for what sum.
Last year, the Venezuelan oil company received a loan of $3.5 billion (£1.9 billion) from a group of Japanese lenders in exchange for oil, according to Bloomberg.
One industry source told Reuters: "Japanese companies are moving very aggressively, they want a position in Venezuela."
Venezuela was described by the Economist as being at the peak of an "oil-fuelled boom" which between 2004 and 2006 led to double-digit growth in gross domestic product.
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