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China Development Bank – Venezuela dual-loan facility

US$20,000.00 m
  • Entry date - Thursday, 12 August 2010
  • Jurisdiction - China
  • Practice - Project Finance
  • China Development Bank – Venezuela dual-loan facility

  • Firm
    Hogan Lovells
  • Client
    Petroleos de Venezuela and Bandes
  • Lead Lawyers
    Bruno Ciuffetelli, Jose Valdivia, Keith Larson, Ken Hawkes, Luis Bottaro, Wei Jun
  • Role
    Counsel to Borrower
  • Firm
    White & Case
  • Client
    China Development Bank
  • Lead Lawyers
    Xiaoming Li
  • Role
    Counsel to Lender


DEAL SUMMARY


  • The loan is the largest credit line that CDB has extended to any country

  • China agreed to lend Venezuela US$4bn to finance development projects in return for future oil supplies

  • Petroleos de Venezuela and China National Petroleum Corp also signed a separate US$16.3bn JV agreement for a project that will pump one million barrels a day of oil for Chinese refineries

  • White & Case is one of CDB’s long term legal advisors; the firm previously advised the bank on in a US$8.4bn two-phase financing of the Taishan Project




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