Hogan Lovells advised Venezuela’s state oil company Petroleos de Venezuela (PDVSA) in its US$1 billion loan transaction from Russia’s Gazprombank.
The eight-year loan, which was finalized on 28 November, will go towards expanding infrastructure and increasing production at the Petrozamora oil project to 104,000 barrels per day from 63,000 currently. Funds from the deal are expected to become available in January 2014.
The Hogan Lovells cross-border team was led by Caracas partner Bruno Ciuffetelli, and included Washington, D.C. partner Keith Larson, London counsel Nick Tidham, Caracas counsel Juan Pondal, along with London associates Erica Valli and Nathan Buckley.
Additionally, Hogan Lovells’ Moscow office provided valuable support during the negotiation process, where bilingual (Russian-Spanish) finance associate Oleg Gritsenko regularly works on our transactions involving Russia and Latin America.
