OREANDA-NEWS. December 10, 2013. Venezuela plans to send China 330,000 barrels per day (bpd) of oil as payment of a loan granted through the China-Venezuela Joint Fund.

The National Assembly (AN) published in Official Gazette N 40,299 the law approving the third protocol of amendment to the agreement between the governments of Venezuela and China on the China-Venezuela joint fund, including a new tranche for USD 6 billion.

Under the new loan, Venezuela should send additional 100,000 bpd to China.

Pursuant to the former protocol, Venezuela undertook to ship 230,000 bpd to China. Now, 330,000 bpd will be dispatched: 230,000 for tranches A and B, and 100,000 bpd for tranche C.

The latter tranche is for USD 5 billion granted by China for a three-year term and USD 1 billion stemming from the contribution to the investment made by the National Development Fund (Fonden).

In order to feed the Heavy Fund, divided into several tranches, a revolving scheme has been outlined. Initially, USD 4 billion had been agreed. Now, a new tranche has been established for a higher amount.

Minister of Petroleum and Mining and president of state-run oil holding Petroleos de Venezuela (Pdvsa), Rafael Ramirez, said that USD 20.6 billion out of the loans agreed with China for USD 36 billion had been repaid.

The senior officer highlighted that for the deals with China, Pdvsa has also gotten a surplus of USD 36.3 billion. The surplus comes from additional barrels delivered to China and not used to meet the funding.