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ISSUES....
Inside, confidential and off the recordAt last a deal
Petrobras said Wednesday that any outstanding issues with PDVSA , over a proposed refinery joint venture in the 230,000-barrel-a-day Abreu e Lima refinery planned for Suape, near Recife in northeastern Brazi, have been resolved. However, the cost of the project, has escalated from a $4.06 billion to about $12 billion, $2 billion of the increase in cost was due to the appreciation of Brazil's currency. Petrobras will supply 60% of the refinery's investment and PDVSA the other 40%. PDVSA will have to pay $400 million when it signs a final deal a Petrobras director said on Wednesday.The deal is espected to be sign at Lula visit to Caracas on Oct. 17-18.
Petroleumworld News 10/08/09
ISSUES.... Inside, confidential and off the record
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