Estimated read time: Less than a minute
CARACAS, Venezuela (AP) - Venezuela's state-run oil company has secured $1 billion in financing from Russia's Gazprom to help the oil-dependent economy boost sagging output.
Oil Minister Rafael Ramirez said the loan will help PDVSA reduce its debt load and speed up development of a joint project with Gazprom in western Zulia state.
Ramirez said another loan for $1.2 billion from Spain's Repsol should be finalized next month. That would bring to nearly $10 billion the amount PDVSA has raised from its foreign oil partners this year.
While Venezuela sits atop the world's largest oil reserves output has steadily declined in recent years as a result of mismanagement and underinvestment.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)