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PDVSA and Petrobras to build Brazil refinery

Thu Dec 13, 2007 11:51pm EST

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CARACAS, Dec 13 (Reuters) - Venezuelan President Hugo Chavez said on Thursday that state oil company PDVSA will take part in the construction of a refinery in northeastern Brazil, ending months of speculation over who would be involved in the $4.5 billion project.

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"A joint company will be formed in Brazil for the construction and operation of the 200,000 barrels a day Abreu de Lima refinery in Pernambuco," Chavez said at a meeting with his Brazilian counterpart, Luiz Inacio Lula da Silva, in Caracas.

Originally announced as a 50/50 joint venture, negotiations had stalled and Brazil's state oil firm Petrobras (PETR4.SA) said in August it was prepared to build the refinery without Venezuela if needed.

The relaunched venture will be 60 percent-owned by Petrobras with 40 percent in the hands of PDVSA.

Venezuela will supply the refinery, which is due to open in 2010, with 100,000 barrels per day of oil, Chavez said. (Reporting by Patricia Rondon; Editing by Ramthan Hussain)

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