The loan forms a part of the company’s fundraising needs for 2014 and will be used in the development of Abreu e Lima refinery in northeastern Brazil, reports Reuters.
The Abreu e Lima Refinery, which is expected to cost $20bn, will have an operating capacity of 235,000 barrels per day when becomes completely operational in mid-2015.
This project, when initially announced over ten years ago, was supposed to be valued at around $4.8bn.
Petroleos de Venezuela had canceled its plans to acquire 40% stake in the plant.
The company, which has already raised around $25bn from bond sales in 2014, has placed a 3 billion real sale of infrastructure bonds in Brazil.
