Feb. 23. 2007
At the same time, Marubeni and Mitsui reached Master Offtake Agreements, independently, with PDVSA and receive a sole right to negotiate the offtake conditions of crude oil and petroleum products on annually renewal basis during loan period.
Marubeni Corporation (“Marubeni”), together with Mitsui & Co., Ltd.(“Mitsui”), made and entered into the loan agreement with Petroleo de Venezuela S.A (“PDVSA”), with financial support by Japan Bank of International Cooperation (“JBIC”). Total loan amount is US$3.5 billion and loan period is 15 years.