China poised to lend Venezuela $10 billion in coming months -source
CARACAS, March 19 (Reuters) - China is poised to lend Venezuela around $10 billion in coming months, half as part of a long-standing bilateral financing deal and the other half for development of oil fields, a senior official at state oil company PDVSA said on Thursday.
The first $5 billion loan, part of the Joint Chinese-Venezuelan Fund, is due to be signed this month and will be destined for wide-ranging projects in the OPEC country, said the official, who asked not to be identified.
The other $5 billion loan is set to be clinched in June and will likely stipulate contracting Chinese companies to boost production in PDVSA's mature oil fields, the source said. (Reporting by Corina Pons and Alexandra Ulmer; Editing by Chris Reese)
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