Thursday, April 22, 2010

Venezuela PDVSA '09 profit $8 bln - oil minister

* Apparently strong showing for year of lower prices


* PDVSA negotiates $1.5 bln loan, rules out bonds in 2010

* China's CNPC to pay $900 million in Junin 4 bonus (Adds financing plans)

CARACAS, April 20 (Reuters) - Venezuela's state oil company PDVSA earned a profit of $8 billion in 2009, the oil minister said on Tuesday, apparently a strong showing for the company in a year when oil prices fell sharply and oil production fell.

In 2008, the company's net profit was $9.4 billion. Oil Minister Rafael Ramirez did not say whether the $8 billion figure was gross or net profits, but it seemed high for a year in which PDVSA cut production to meet OPEC oil quotas.

Ramirez said PDVSA would hold its shareholders meeting at the end of this weekend and would publish its full 2009 results soon.

He confirmed that PDVSA was negotiating a $1.5 billion loan with a 10-year maturity from a group of at least 15 banks and said the oil company had no need to go to markets with bond issues this year and would not do so.

China state oil company China National Petroleum Corp will pay Venezuela a $900 million fee to participate in the Junin 4 oil field. The Junin 4 project is a $16.5 million joint venture between the two countries that is due to start pumping oil in 2012. (Reporting by Eyanir Chinea; Writing by Frank Jack Daniel; Editing by Walter Bagley)

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