November 20, 2007
Brazil starts on heavy oil refinery project
BRASILIA, BRAZIL
Brazil’s state-run oil company has begun construction of a heavy oil refinery in northeastern Brazil, but without the planned participation of Venezuela’s state-run oil company.
Petroleos de Venezuela SA, or PdVSA, was originally supposed to have a 40 per cent stake in the US$4.05 billion refinery, with Brazil’s Petrobras holding the remaining 60 per cent.
But talks with PdVSA bogged down, and Petroleo Brasileiro SA began to bulldoze the refinery area without its Venezuelan partner.
The refinery is scheduled to start operation in 2010.
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