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AGREED FORM
D:\Project Tango - 18 Mar 2011\Framework agreement - Agreed Form 18Mar11.DOC
BANCO DE DESARROLLO ECONÓMICO Y SOCIAL DE VENEZUELA (BANDES),PETRÓLEOS DE VENEZUELA S.A., CHINA NATIONAL UNITED OIL CORPORATIONAND CHINA DEVELOPMENT BANK CORPORATION CONFIRM THAT THISVERSION OF THE FRAMEWORK AGREEMENT IS THE FORM AGREED IN THEIR MEETINGS IN BEIJING AND SINGAPORE FROM 2 MARCH TO 18 MARCH 2011 ANDIS IN SUBSTANTIALLY AGREED FORM SUBJECT TO; COMMENT BY EL FONDODE DESARROLLO NACIONAL S.A., THE MINISTRY OF PEOPLE’S POWER FOR PLANNING AND FINANCE OF THE BOLIVARIAN REPUBLIC OF VENEZUELAANDTHE MINISTRY OF PEOPLE’S POWER FOR ENERGY AND PETROLEUM OFTHE BOLIVARIAN REPUBLIC OF VENEZUELA; REVIEW BY LOCAL COUNSEL;INTERNAL APPROVALS OF EACH PARTY, AND ANY AMENDMENTS OF A MINOR OR TYPOGRAPHICAL NATURE.
Ms Edmee BetancourtPresidentFor and on behalf of
BANCO DE DESARROLLOECONÓMICO Y SOCIAL DEVENEZUELA (BANDES)
Mr Tian YunhaiDeputy Director-GeneralFor and on behalf of
CHINA DEVELOPMENT BANK CORPORATION
Mr Asdrubal ChavezVice PresidentFor and on behalf of
PETRÓLEOS DE VENEZUELA S.A.
Mr Zhao YongVice PresidentFor and on behalf of
CHINA NATIONAL UNITED OILCORPORATION
AGREED FORM
D:\Project Tango - 18 Mar 2011\Framework agreement - Agreed Form 18Mar11.DOC
………………………….. 2011CHINA DEVELOPMENT BANK CORPORATIONCHINA NATIONAL UNITED OIL CORPORATIONBANCO DE DESARROLLO ECONÓMICO Y SOCIAL DE VENEZUELAPETRÓLEOS DE VENEZUELA S.A.EL FONDO DE DESARROLLO NACIONAL S.A.THE MINISTRY OF PEOPLE’S POWER FOR PLANNING AND FINANCE OF THEBOLIVARIAN REPUBLIC OF VENEZUELAandTHE MINISTRY OF PEOPLE’S POWER FOR ENERGY AND PETROLEUM OF THEBOLIVARIAN REPUBLIC OF VENEZUELAFRAMEWORK AGREEMENT
AGREED FORM
08/865894_4
1
This framework agreement (this "
Agreement
") is entered into by and between the following partiesand shall come into effect on [
●
] 2011:(1)
CHINA DEVELOPMENT BANK CORPORATION
("
CDB
"), a financial institutionduly incorporated and validly existing under the laws of the People’s Republic of China("
China
");(2)
CHINA NATIONAL UNITED OIL CORPORATION
, a company duly incorporatedand validly existing under the laws of the People’s Republic of China ("
CHINAOIL
");(3)
BANCO DE DESARROLLO ECONÓMICO Y SOCIAL DE VENEZUELA(BANDES)
, an entity organised and existing under the Laws of the Bolivarian Republic of Venezuela, and subject to the oversight of the Ministry of People's Power for Planning andFinance of the Bolivarian Republic of Venezuela, created by Presidential Decree No 1.274as published in Venezuelan Official Gazette No. 37.228 of June 27, 2001, as amended byPresidential Decree No. 6.214 dated July 15, 2008 as published in Venezuelan OfficialGazette No 5.890 on July 31, 2008, as further amended by the Law for the Partial Reformof Decree No. 6.214 as published in Venezuela Official Gazette No. 39.429 on May 21,2010 (
"BANDES"
);(4)
PETR
Ό
LEOS DE VENEZUELA S.A.
, a company registered with the First CommercialRegistry of the Judicial Circuit of the Capital District and Miranda State on September 15,1975, under N° 23, Volume 99-A-Pro., the latest version of its Articles of Incorporation/By-Laws evidenced through Presidential Decree N° 3.299, published inVenezuelan Official Gazette N° 38.081 of December 7, 2004 as amended by PresidentialDecree N° 6.234, published in Venezuelan Official Gazette N° 38.988 of August 6, 2008with principal offices of URB. La Campiña, Avda. Libertador, Calle el Empalme EDIF.Petróleos de Venezuela, Torre Oeste, Piso 7 Venezuela 1060) ("
PDVSA
");(5)
EL FONDO DE DESARROLLO NACIONAL S.A.
, a company created by PresidentialDecree N° 3.854 published in the Venezuelan Official Gazette N° 38.261 of August 30,2005 and registered with the First Commercial Registry of the Judicial Circuit of theCapital District and Miranda State on September 9, 2005, under N° 35 Volume 133-A-Pro("
FONDEN
");(6)
THE MINISTRY OF PEOPLE’S POWER FOR PLANNING AND FINANCE OFTHE BOLIVARIAN REPUBLIC OF VENEZUELA
("
MPF
"); and(7)
THE MINISTRY OF PEOPLE’S POWER FOR ENERGY AND PETROLEUM OFTHE BOLIVARIAN REPUBLIC OF VENEZUELA
("
MEP
"),(each a "
Party
" and together the "
Parties
").
RECITALSWHEREAS
(A)
In 2007 the government of China and the government of the Bolivarian Republic of Venezuela ("
Venezuela
") established the Sino-Venezuela Joint Fund through aUS$2,000,000,000 contribution from FONDEN and a US$4,000,000,000 loan from CDBto BANDES (the "
Joint Fund Phase I Facility
"). The Joint Fund Phase I Facilitycontained a mechanism for the rollover of the Joint Fund Phase I Facility for four (4)
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