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



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