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Petrobras investment plans in Venezuela to remain unchanged
AP
RIO DE JANEIRO
Petroleumworld.com 01 10 07The president of Brazil's state-owned oil company, Petroleo Brasileiro, or Petrobras, Tuesday said Venezuela's plans to nationalize key industries, including the energy sector, will not affect the company's plans to invest in that country.
On Monday, Venezuelan President Hugo Chavez announced plans to nationalize power and telecom companies and said oil projects in the Orinoco River basin involving foreign oil companies should also come under national ownership.
"(This announcement) should not surprise anyone," Petrobras Chief Executive Sergio Gabrielli told the Agencia Estado news agency. "He has been saying he would do this for a long time."
Chavez's announcement "will in no way affect" Petrobras' future investments in Venezuela nor the company's negotiations with Petroleos de Venezuela (PDVSA), Gabrielli said.
Petrobras and PDVSA have an agreement for the joint exploration of the Carabobo-1 block in Venezuela's Orinoco belt, as well as for the joint development of a refinery in Brazil's Northeastern state of Pernambuco to process heavy oil from Orinoco and Brazilian offshore fields.
AP 09 01 07
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