December 17, 2007
PDVSA and Petrobras will jointly invest $4.5bn to build a refinery in the n
PDVSA and Petrobras will jointly invest $4.5bn to build a refinery in the northeastern Brazilian state of Pernambuco, according to a Reuters report that cites presidents Chavez and Lula. A new company to build and manage the Abreu de Lima refinery will be incorporated in Brazil. Petrobras will control 60% of the asset, with the remainder belonging to PDVSA. The refinery will process Venezuelan oil and should be up and running in 2010, Chavez reportedly said.