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Petrobras cancels partnership with PdVSA on new north Brazil refinery

09.24.2013  | 

Petrobras has been building the refinery on its own after PdVSA repeatedly missed deadlines to provide cash and loan guarantees to cover the Venezuelan firm's portion of the $20 billion project.

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By JEFF FICK

RIO DE JANEIRO -- Brazilian state-run oil company Petroleo Brasileiro, or Petrobras, has decided to end a joint-venture to build a refinery with Venezuela's Petroleos de Venezuela, or PdVSA, the Valor Economico newspaper reported Tuesday.

Petrobras will incorporate the Abreu e Lima refinery currently under construction in northern Brazil's Pernambuco state and close the joint-venture company created with PdVSA on Nov. 1, Valor said.

Petrobras has been building the refinery on its own after PdVSA repeatedly missed deadlines to provide cash and loan guarantees to cover the Venezuelan firm's portion of the $20 billion project.

Petrobras didn't immediately respond to requests for comment.


Dow Jones Newswires



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Anthony Richard
09.27.2013

What is left over to negotiate on the contract could as well be significant. A re-negotiation approach will be helpful.

Jimmy Kumana
09.25.2013

PdVSA is in DEEP trouble - both financially, and because it has lost most of the experienced and talented people - they were hounded out by Chavez - who could keep the company operating efficiently (or at all !!). It is no longer a reliable partner for other NOCs. The only source of hard currency they can fall back on now is to sell off their stakes in foreign companies in the USA, Jamaica, Finland, Germany, and elsewhere. Very sad.

babahammou baligh
09.25.2013

Work for the success of the physical aspects of life agrees to the progress and prosperity of the important projects in the present and the future and say the one hand does not sound issued and thank

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