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| Mitsui, Marubeni purchase Venezuelan crude oil for Japan Mitsui & Co., Ltd., together with Marubeni Corporation, made and entered into an agreement with Petróleos de Venezuela, S.A. ("PDVSA"), a company which is involved in Venezuelan crude oil and petroleum products transactions, to jointly purchase 2 million barrels of Venezuelan crude oil for Japan based on the Master Offtake Agreement which was announced on February 23, 2007. The agreement was concluded between Mitsui/Marubeni and PDVSA, together with the Loan Agreement, which is supported by Japan Bank of International Cooperation, with an advanced loan amount of US$3.5 billion over a period of 15 years for PDVSA. The VLCC carrying the crude oil will leave the loading port in Venezuela around mid- August, and the cargo will be delivered to Nippon Oil Corporation, Idemitsu Kosan Co., Ltd., and Kyokuto Petroleum Industries Co., Ltd., which is a Mitsui subsidiary company, and others in early October. write your comments about the article :: © 2007 Construction News :: home page |