By JEFF FICK
RIO DE JANEIRO -- Petrobras still wants Petroleos de
Venezuela (PdVSA), to participate in a joint venture refinery project, CEO Maria das Gracas told
the Valor Economico newspaper in an interview.
PdVSA is welcome at the Abreu e Lima refinery project under the planned JV model,
Ms. Foster told Valor. But, the executive added, PdVSA
must first cut a check for about $6.8 billion to cover the
firm's 40% stake in the $17 billion project. An alternative solution
would be to pay in oil, but Ms. Foster told Valor that
the payment could not be made in "drops."
"I need money," Ms. Foster told Valor, citing the
company's $237 billion investment plan through 2017.
Petrobras has been building the refinery, which is 80% complete, on
its own after PdVSA repeatedly missed deadlines to provide cash
and loan guarantees to cover the Venezuelan company's part of
construction costs. Valor
reported that Petrobras planned to pull the plug on the joint
venture on November 1, 2013.
An adjustment to domestic gasoline and diesel prices also
will not be made in the near term, Ms. Foster told
Valor. Brazil's domestic fuel prices are less than
international benchmarks, causing the company to sell imported
fuels at a loss in the local market.
"In order to calmly undertake our investment plans, it's
necessary that we seek convergence between domestic and
international fuel prices," Ms. Foster told Valor.
Petrobras expects to end 2013 with crude oil output of about
2 MMbpd but the nine new production platforms installed this
year will mean a jump in output in 2014, Ms. Foster told
Valor. "By the end of this year, we'll already be
increasing production and 2014 will be the turning point," Ms.
Foster told Valor.
Dow Jones Newswires