Andean Group - September 2011 (ISSN 1741-4466)

Brazil’s state oil giant Petrobras has publicly refuted reports that Petróleos de Venezuela (Pdvsa) has finally committed to their joint Abreu e Lima refinery project in northern Brazil. Brazil’s state news agency reported on 12 September that President Hugo Chávez had telephoned his Brazilian counterpart, Dilma Rousseff, on 9 September to confirm that Pdvsa had met all its obligations under the contract.

In a statement dated 13 September, Petrobras noted that Pdvsa must purchase 40% of the shares in the joint-venture company, assume 40% of already contracted loans for the project and meet loan guarantee demands from the Brazilian national development bank (BNDES). "All information regarding the entrance of Pdvsa as a partner in Abreu e Lima will be divulged by Petrobras at the moment that it's undertaken", it noted tersely. On 19 August, Roberto Costa, the chief of refining at Petrobras, gave Pdvsa a deadline of 30 November to deliver on its obligations.

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