DCN ARCHIVES

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.

ASSOCIATED PRESS

Print | Email | Comment

ALEX’S BLOG

Reed Construction Data Chief Economist Alex Carrick discusses current developments in Canada's economic environment. He also shares light-hearted reflections on life and current events.

Economics Blog    More 

Lifestyle Blog    More 

PROJECT NEWS BRIEFS

FEATURED CAREER AD

Estimator

ON - Ottawa

Construction Superintendent

ON - York Region Area

More careers...