Venezuela Oks US$100M Credit for Development Fund with Vietnam

Venezuelan President Hugo Chávez has approved a US$100 million credit for the establishment of a joint development fund with Vietnam.

 

The fund will be used to build a tractor manufacturing plant and a power-saving light bulbs plant in Vietnam.

 

In April, the Venezuelan Petroleum Corporation (CVP), a unit of Venezuela's state oil company PDVSA, received permission to set up a joint venture with the PetroVietnam Exploration and Production Corporation (PVEP) to explore and exploit oil in the Orinoco belt of the Latin American country.

 

The joint venture, PetroMacareo S.A., is also allowed to process heavy oil and extra heavy oil pumped from the 248-square-kilometer Junin block 2 in the Orinoco belt that is considered to have the world’s largest oil reserves.

 

It will also be involved in the trading of semi-processed oil and side products. (Vietnam Economic Times, News)