Here is recent update on the Petrobras Pernambuco Refinery linked to PDVSA Upgrader JV.
This version has Venezuela & Brazil back in lockstep on operating the Refinery / Upgrader sourcing heavy crude to the new JV refinery. <Petrobras was originally (still?) to have 60% & PDVSA 40% in the 200MBD Refinery>
The last update article (see coking.com / Refinery – Brazil begins work on new Refinery ~Sept 2007) had Brazil going ahead with Grassroots Refinery (& coker) to make the 2010 target after they became fed up by problems dealing with PDVSA (coruption, endless negotiating ect). PDVSA wasnt eleminated but Petrobras wasnt waiting – looks like the strategy paid off for them. <Note Half the crude supply was always to come from Brazil offshore heavy crude sources and half from the Venezuela Orinoco – Carabobo I field (Upgrader). This makes it a stronger sourcing position for the Brazil Upgrader JV than perhaps PDVSA previous US JV partners? >
Regards
Charlie Randall
