On July 21 (local time, in Venezuela), under the witness of the heads-of-state of China and Venezuela, BOC Chairman Tian Guoli, Victor Aular, Vice President of Petroleos de Venezuela SA (PDVSA), and Wang Jiong, General Manager of CITIC Group entered into a financing agreement for geological survey and auricupride feasibility study projects in Venezuela. Pursuant to the agreement, BOC will provide US$ 691 million in loans to PDVSA to support CITIC Group to conduct geological surveys and auricupride feasibility study locally.
With the above cooperation underway, BOC will also provide PDVSA a variety of products and services, including account opening, credit line, oil trade settlement, advisory and consulting services for foreign exchange and foreign trade.
PDVSA is the biggest state-owned enterprise in Venezuela and the biggest firm in Latin America, and have operations and commercial activities in the country and across the world as a multinational energy company. Its business scope ranges from oil and gas exploration, development, to refining, transportation and distribution, orimulsion, chemical, petrochemical and coal industry. In 2013, its sales revenue and asset size reached US$ 121 billion and US$ 218.2 billion respectively, ranking 41st among Fortune Global 500.
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