Japan invests into Venezuela

Japan will invest 1,5 billion of dollars into PDVSA a Venezuelan company in exchange for oil deliveries.

Japan has agreed to provide a 1.5 billion of dollars loan to the Venezuelan state company Petroleos de Venezuela (PDVSA) in exchange for delivery of 3 billion of Oil barrels to the Japanese government for five years. "We have got 54 nuclear power plants (NPP) and more than 30 of them are now closed because of an incident at the "Fukushima-1" plant so that is why the agreement with Venezuela is very important for the Japanese side in thermoelectric power," - says Takashi Kondo a Tokyo ambassador in Caracas according to France24 TV channel. The agreement of the parties are planned to be signed on June 28 2011.

Venezuela is on of the largest supplier of oil to world markets from all over of the South America. But Caracas has frozen "black gold" delivery in the Pacific because of problems connected with their transport infrastructure. Under the transaction terms, the oil cost of  supplies to Japan are compensated by Japanese companies Mitsubishi, Itochu, Marubeni and Mitsui, which fund 10% of the loan to 1.5 billion of dollars.

March 11 2011, Japan experienced a strong 9.0 magnitude earthquake. Immediately after this event a tsunami hit the coast of the country. These unfortunately misfortunes lead are the reasons of accidents at the plant, Fukushima-1"which eliminates the effects so far.

16 June 2011
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