PDVSA to deliver oil to Japan's Marubeni, Mitsui

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.

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 hippalus@yahoo.com.

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