Japan To Give $1.5B To PdVSA

Japan is planning to lend around $1.5 billion to Venezuela’s state oil company,PdVSA,Reutersreports. The nation will give the money in return for supplies of three million barrels of crude annually over five-years.

The transaction will also help aid Japan’s electricity generation after its earthquake and nuclear crisis earlier this year. The low interest, credit deal fromJapan Bank for International Cooperationwill be signed on June 28, 2011.

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