On the 28th of November, 2013, Gazprombank and PDVSA Petróleo S.A., a subsidiary of Petróleos de Venezuela S.A., a state-owned oil and natural gas company signed documentation to finance Petrozamora S.A. Joint Venture under the crude oil prepayment scheme. The amount of the loan is up to US $1 billion.
The financing is to be secured by export proceeds from the sale of oil to be produced by the joint venture. These funds will also be used to finance Petrozamora's investment program aimed at increasing oil production.
Corporación Venezolana del Petróleo S.A. (PDVSA Group) owns 60 percent stake of the Joint Venture, while Gazprombank Latin America Ventures B.V. (GPB Global Resources Group) holds the remaining 40 percent.
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