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  • September 1998 (Revised March 2002)
  • Case
  • HBS Case Collection

Petrolera Zuata, Petrozuata C.A.

By: Benjamin C. Esty and Mathew M Millett
  • Format:Print
  • | Language:English
  • | Pages:22
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Abstract

Petrozuata is a proposed $2.5 billion oil-field development project in Venezuela. The case is set in 1997 as the project sponsors, Conoco and PDVSA (Venezuela's national oil company), are planning to meet with various development agencies and rating agencies regarding the proposed financial structure. The sponsors hope to raise a portion of the $1.5 billion debt in the capital markets, which will require an investment-grade rating. The key questions are whether the project will achieve an investment-grade rating and, if not, how to finance the project. Describes what turned out to be an extremely well-crafted financial transaction, one that was named "Deal of the Year" in 1997 by virtually every journal covering project finance.

Keywords

Risk Management; Valuation; Project Finance; Capital Markets; Investment; Projects; Mining Industry; Energy Industry; Venezuela

Citation

Esty, Benjamin C., and Mathew M Millett. "Petrolera Zuata, Petrozuata C.A." Harvard Business School Case 299-012, September 1998. (Revised March 2002.)
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About The Author

Benjamin C. Esty

Finance
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