It lookis like the Venezuelans finally got onboard the $13.5B Brazil Northern Grass Roots Refinery project( since it was going ahead without them) & the JV split is 60% Brazil. It calls for JV development of Venezuelan Zuila oil field which was undeveloped eastern side of Maricibo basin – which was found and developed by consortium led by JV partners Chevron/Total/ConocoPhillips whose ownership was later raped in PDVSA’s privitatization of Oil assets.
Brazil should be keeping in mind the end result of past PDVSA JV investments. <Also as side fact – Zuila area accounted for 29 of 179 Venezuelan kidnappings in 2007>.
Both the Brazil Refinery & PDVSA Zuila Upgrader are expected to have coking units.