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RE: Update 4 – Petrobras Pernambuco Refinery-PDVSA Upgrader JV

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#6319

Anonymous

Brazil ready to build refinery minus Venezuela aid
Wed Jan 21,2009 12:44 pm ET

BRASILIA, BrazilAn executive with Brazil’s state oil company says his country is prepared to build a $4.1 billion refinery without Venezuela’s financial participation or oil supplies.
Paulo Roberto Costa is downstream director for Petroleo Brasileiro SA. He says Brazil and Venezuela are at odds over the price of the Venezuelan heavy crude that would go to the refinery in northeastern Brazil.
Costa told reporters Wednesday that Brazil can supply all the oil the refinery needs. He also says that Brazil doesn’t need the 40 percent of funding that Venezuela’s Petroleos de Venezuela SA was set to provide for refinery construction.
The project is a favorite of Venezuelan President Hugo Chavez. PVDSA had no immediate comment

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