Hogan Lovells advises PDVSA on $1bn loan transaction from Russia’s Gazprombank

Hogan Lovells has advised Venezuela’s state oil company Petroleos de Venezuela (PDVSA) in its $1bn (£612m) loan transaction from Russia’s Gazprombank.

The eight-year loan, which was finalised 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 DC partner Keith Larson, London counsel Nick Tidham, Caracas counsel Juan Pondal, along with London associates Erica Valli and Nathan Buckley.

The closing of this transaction follows a number of recent significant deals in Latin American in which Hogan Lovells lawyers have been involved.