State owned oil company PdVSA and Eni have entered a new $2 billion financing deal, The Wall Street Journal reports. PdVSA will invest $1.5 billion in the companies’ Junin 5 oil block.
The oil block is jointly owned by Eni and PdVSA in a ratio of 40-60. The remaining proceeds are expected to be used towards building an electricity plant in Guiria.
Click here for the story from The Wall Street Journal.