CARACAS�A group of banks led by Japan Bank for International Cooperation on Monday signed a $500 million line of credit for Venezuelan state oil corporation Petroleos de Venezuela SA to fund the expansion of the Puerto La Cruz refinery. The project will produce more unleaded gasoline and low-sulfur diesel for export to Latin American and Caribbean markets.
The Puerto La Cruz refinery in eastern Venezuela has an installed capacity of 200,000 b/d but actually processes about 150,000 b/d. The expansion will involve the installation of units to produce some 40,000 b/d of unleaded gasoline and 30,000 b/d of low-sulfur diesel.
Construction of the new units is scheduled to begin early in 2001, and they should go on stream by the third quarter of 2003.
Under the agreement, the Japan Bank for International Cooperation will provide 70% of the 12-year line of credit, while the remaining 30% will be granted by Bank of Tokyo-Mitsubishi Ltd., Sumitomo Bank Ltd., Fuji Bank Ltd., Sanwa Bank Ltd., Nippon Life Insurance Co., Yasuda Fire & Marine Insurance Co. Ltd., Zenshinren Bank, and Nomura Trust & Banking Co. Ltd.
