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PDVSA and Petrobras to form a joint company to construct refinery in Brazil
CARACAS
Petroleumworld.com 12 14 07
Venezuelan President Hugo Chavez said on Thursday Venezuela oil company PDVSA and Brazil Petrobras will construct together a $4.5 billion refinery Pernanbuco, in northeastern Brazil."A joint company will be formed in Brazil for the construction and operation of the 200,000 barrels a day Abreu de Lima refinery in Pernambuco," Chavez said at a meeting with his Brazilian counterpart, Luiz Inacio Lula da Silva, in Caracas.
The negotiations between the two companies had stalled with Brazil already building the refinery due to open in 2010 without Venezuela.
The joint venture will be 60 percent-owned by Petrobras with 40 percent in the hands of PDVSA.
The refinery will be supply with 100,000 barrels per day of oil crude oil fromthe orinoco oil belt in Venezuela.
Story from Petroleumworld 12 13 07
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