The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.

Chávez watch: Venezuela strikes deal with Japanese firms

Venezuela has negotiated a new loan agreement with several Japanese companies. The money is earmarked for the expansion of two oil refineries and the loans will be repaid in future oil production. This is not the first time Venezuela has relied on oil repayment – China is owed $4 billion in oil for a loan and PDVSA owes Japanese companies Mitsui & Co and Marubeni $3.5 billion in oil. Rafael Ramírez, the energy minister of Venezuela, said the money would be used to expand the El Palito and Puerto la Cruz refineries and increase their capacity to process heavy crude. Ramírez said: "Japanese companies are moving very aggressively, they want a position in Venezuela." He did not say which Japanese companies are involved in the deal but Japan is looking for ways to reduce its dependence on Middle East production. In 2007, Japanese refiners brought Venezuelan crude for the first time since the 1980s.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree