Brazil Petrobras stops talks with PDVSA on Abreu e Lima refinery

29 April 2013 20:38  [Source: ICIS news]

CAMPINAS, Brazil (ICIS)--Brazil state-run oil producer Petrobras stopped talking with Petroleos de Venezuela (PDVSA) about the Abreu e Lima refinery project more than two months ago, an executive said on Monday during a conference call with investors.

Petrobras's supply director, Jose Carlos Cosenza, said talks could resume after the political situation in Venezuela is stabilised.

However, Petrobras could develop the refinery alone if PDVSA leaves the project.

"We won't stop the project because of PDVSA", he said. So far, 73% of the refinery is complete.

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 (€7.7bn) loan to pay for the stake.

($1 = €0.77)

By: Leo Siqueira
+1 713 525 2600

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