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
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
Dow Jones Newswires