Article

2010-04-25 Caribbean-Latin America

Beijing confirms USD 20 billion loan to Venezuela

Archived material is restricted to Rantburg regulars and members. If you need access email fred.pruitt=at=gmail.com with your nick to be added to the members list. There is no charge to join Rantburg as a member.

Posted by Steve White 2010-04-25 00:00|| || Front Page|| [1 views ] Top

#1 Not so much a loan as prepayment for oil.
Rafael Ramírez, the Minister of Energy and Petroleum and President of state-run oil company Petróleos de Venezuela (Pdvsa), said that Venezuela would ship 100,000 barrels of oil per day to pay off the loan, which will be disbursed this year.

Under this repayment schedule, Pdvsa will eventually dispatch 200,000 barrels per day to pay off the debt with the Chinese financial institution.

100K barrels for 10 years at $20B comes out to $54.80/barrel. A good deal for the Chinese any way you cut it, esp since the Chinese have been betting, with long term contracts, commodity prices will rise. But then, the Chinese have $2 trillion USD burning a hole in their pockets.

Posted by ed 2010-04-25 00:42|| 2010-04-25 00:42|| Front Page Top

#2 Half the loan may (or may not) be in yuan. Hugo is need the Yankee Dollah.

The Devil Best explains it

Posted by Shipman 2010-04-25 07:01|| 2010-04-25 07:01|| Front Page Top

#3 guess the Chinese have the ability to crack that sulfurous sludge Hoogo peddles?

Posted by Frank G 2010-04-25 11:33|| 2010-04-25 11:33|| Front Page Top

#4 It's swapped, often thru Equador.

Posted by Shipman 2010-04-25 13:22|| 2010-04-25 13:22|| Front Page Top

#5 What is swapped, Shipman? And why Equador?

Posted by trailing wife 2010-04-25 14:39|| 2010-04-25 14:39|| Front Page Top

23:56 trailing wife
23:45 JosephMendiola
23:34 gorb
23:31 gorb
23:28 gorb
23:26 JosephMendiola
23:25 gorb
22:54 JosephMendiola
22:42 Barbara Skolaut
22:35 JosephMendiola
22:33 Procopius2k
22:33 JosephMendiola
22:25 gorb
22:25 Procopius2k
22:23 JosephMendiola
22:17 JosephMendiola
21:55 Atomic Conspiracy
21:54 OldSpook
21:52 Broadhead6
21:41 Broadhead6
21:37 Broadhead6
21:19 M. Murcek
21:18 eLarson
21:17 M. Murcek