February 24, 2014 / 10:31 PM / 6 years ago

Venezuela's PDVSA, Perenco discuss $600 million financing for venture

CARACAS (Reuters) - Venezuelan state oil company PDVSA and Anglo-French oil firm Perenco are in talks for a $600 million financing deal to boost production at the Petrowarao joint venture, Oil Minister Rafael Ramirez told reporters on Monday.

PDVSA since the start of last year has brought in close to $10 billion in financing from joint venture partners to help boost stalled oil production, shoring up its financing after it sharply cut back on bond issues.

“Perenco is going to bring another $600 million more, just like we’ve been doing with other countries,” Ramirez said.

PDVSA hopes to reach a similar deal with Venezuelan oil company Suelopetrol for $300 million to help boost output at a joint venture in western Venezuela, he said.

Reporting by Eyanir Chinea, writing by Brian Ellsworth; Editing by Jonathan Oatis

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