OREANDA-NEWS. Gazprombank and PDVSA Petroleo S.A., a subsidiary of Petroleos 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 USD 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.

Corporacion Venezolana del Petroleo 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.