Brazil Petrobras still interested in JV with Venezuela's PDVSA

20 March 2013 23:02  [Source: ICIS news]

CAMPINAS, Brazil (ICIS)--Brazil state-run oil company Petrobras said on Wednesday that it is still interested in having Petroleos de Venezuela (PDVSA) as a partner for the Abreu e Lima refinery, which will be located in the Brazilian city of Ipojuca, Pernambuco.

Brazil's Valor reported on Tuesday that Petrobras CEO Maria Foster had asked for a meeting with PDVSA to talk about the participation of the Venezuelan company in the project.

Petrobras on Wednesday would neither confirm nor deny the news report.

"[Petrobras] continues waiting a definitive positioning [of PDVSA] for the resolution of [its] financial questions," the Brazilian company said.

On 16 February 2012, Petrobras said it was expecting a June 2013 start-up for the first stage of its Abreu e Lima refinery near Recife.

The second stage should start operations in January 2014, the company said.

The refinery, also known as the Refinaria do Nordeste (RNEST), will have a processing capacity of 230,000 bbl/day, Petrobras said.

Petrobras had planned to develop the refinery with PDVSA, which would own a 40% stake in the project.

However, PDVSA has been unable to secure a $10bn (€7.8bn) loan to pay for the stake. In 2012, it missed another deadline to secure the loan.

The Abreu e Lima refinery is among several that Petrobras could build in Brazil.

Operations should start in September 2014 on the first phase of a new refinery at the Complexo Petroquimico do Rio de Janeiro (Comperj). The refinery could have a processing capacity of 230,000 bbl/day.

Additional reporting by Al Greenwood

($1 = €0.78)

By: Leo Siqueira
+1 713 525 2600

AddThis Social Bookmark Button

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly

Get access to breaking chemical news as it happens.
ICIS Global Petrochemical Index (IPEX)
ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index