Petrobras Gives PDVSA More Time on $13bn JV

Petrobras Gives PDVSA More Time on $13bn JV

Brazil Venezuela M&A

Brazilian oil company Petroleo Brasileiro, Petrobras, has agreed to extend its deadline for Venezuela’s state oil company PDVSA to finalize its 40% participation in the Abreu e Lima refinery in Pernambuco. The $13bn energy joint venture has often served as a gauge of the strength of relations between the two countries. PDVSA has 60 days starting from December 1 to obtain the required loan guarantees for its share of the project from Brazil’s BNDES, a Petrobras spokesman tells LatinFinance. Under

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