Eric Watkins
Senior Correspondent
LOS ANGELES, Feb. 26 -- Petroleos de Venezuela SA (PDVSA) expects to begin shipments of about 20,000 b/d of crude by summer to Japan's Marubeni Corp. and Mitsui & Co. The companies on Feb. 22 signed a 15-year oil purchase contract with the Venezuelan state firm.
Through a jointly established firm, the two trading houses will make an advance payment of $3.5 billion for crude and products in the form of loans to PDVSA. Reports said the Japan Bank for International Cooperation will assist by adding an additional $1.89 billion in loans.
Representing slightly less than 1% of Japan's daily crude imports, the new supplies are said to mark the first full-scale importation of oil from South America by Japanese companies.
Contact Eric Watkins at [email protected].
