Petrobras doesn't want partnership with Venezuela in refinery

[Zorro]

Whoops!

<snip>

Petrobras directors rejected a partnership with PDVSA (Petróleos de Venezuela) in the Abreu e Lima (PE) refinery, a R$ 26 billion project. President Hugo Chávez confirmed Venezuela's participation on a phone call to Dilma Rousseff on Friday.

Petrobras has built 40% of the project by itself, and the refinery is designed to process Brazilian petroleum from the Marlim field, in the Campos basin, and not the oil from Carabobo, in Venezuela, as originally agreed.

In order to receive the neighbor's heavier petroleum, an extra US$ 400 million (about R$ 688 million) investment would be needed for a sulphur reduction plant.

The partnership between the oil companies was signed in 2005, before the pre-salt was discovered in 2006. At the time, presidents Lula and Chávez signed the agreement intending to use Venezuelan petroleum, too heavy to be processed into fuel mixed with Brazilian oil.

<snip>

Moer at: http://www1.folha.uol.com.br/internacional/en/finance/975655-petrobras-doesnt-want-partnership-with-venezuela-in-refinery.shtml