The state-owned oil company Petróleos de Venezuela, S.A. (PDVSA), the China Development Bank Corporation (CDP), the Espirito Santo Bank, S.A. (BES) and other important financial institutions signed a US$ 1.5 billion credit agreement for PDVSA.

This credit facility has been established with a favorable way of payment in which PDVSA can repay the credit in three years, with a nine-month grace period.

PDVSA is the world’s fourth biggest oil and gas company and Latin America’s first. Additionally, the company is responsible for the rentable, efficient and reliable operations of exploration, production, refining, transportation and trading hydrocarbon activities in Venezuela.

Petróleos de Venezuela, S.A. is highly committed to protect of the environment and among its main goals are to promote the country’s harmonic development, guarantee sovereignty of national resources by extending its value and increasing the endogenous development to benefit the Venezuelan people.

PDVSA has shown an unprecedented growth during the last years, by implementing investment projects in Venezuela of US$ 11,000 million, 15,400 million and 13,600 millions during 2007, 2008 and 2009 respectively. This company’s growing has come together with the increasingly high international impact and the recognition of its functioning levels, technology and excellent management.

Currently, the Venezuelan state-owned company has a solid international presence through its different offices located in Argentina, Brazil, Cuba, Bolivia, Ecuador, Paraguay, Uruguay, Nicaragua, the United States and Europe.

Furthermore, PDVSA participates in the operation of refineries and terminals in several Caribbean islands, through the cooperation energy alliance Petrocaribe.

PDVSA has been consolidated as a highly reliable and profitable company before the most recognized banks of the world.

PDVSA /  June 30, 2010