Brazil bank accepts Venezuela guarantees for refinery project

07 October 2011 23:11  [Source: ICIS news]

CARACAS (ICIS)--Development bank BNDES has accepted guarantees by Venezuela’s state oil company for a refining joint venture with Brazil’s Petrobras, a Venezuela official said on Friday.

Venezuelan Energy and Oil minister Rafael Ramirez said the Brazilian development bank’s acceptance of the financial guarantees by Petroleos de Venezuela (PDVSA) means "there is no excuse whatsoever for that negotiation [with Petrobras] not to go through", for the project.

Venezuela has tried for years to secure a stake in the refinery. Venezuela would have a 40% stake in the project, and Petrobras would have 60%.

Venezuela President Hugo Chavez said recently there seemed to be a faction inside Petrobras seeking to deny any possible Venezuelan involvement.

The 200,000 bbl/day Abreu e Lima refinery in the Brazilian state of Pernambuco was to have processed 100,000 bbl/day provided by Venezuela.

By Carlos Camacho

By: Staff Reporter
+44 20 8652 3214

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