Petrobras and PDVSA Reaffirm Agreements for Joint Projects


Both presidents of Brazil, Luiz Inacio Lula da Silva and of Venezuela, Hugo Chavez have reaffirmed the agreements signed previously between Petrobras and PDVSA for joint projects during a meeting held September 20, at the Hotel Tropical, in Manaus (Amazonas).

Chávez confirmed PDVSA's participation in the Abreu e Lima Refinery, slated to be built in Pernambuco, with 40% of the capital. Petrobras, which will be the operator, will control 60% of the unit. The refinery's construction work is currently in the earthwork phase.

Meanwhile, Petrobras will hold a 40% share in the Extra-Heavy Oil Processing Plant, in the Orinoco Range, Venezuela, while PDVSA will control the remaining 60% of it.

On the occasion, the parts also took-on the commitment to hold quarterly technical meetings in both countries to expedite projects such as the Carabobo 1 Field Certification and the Southern Gas Pipeline. It was also decided that an engineering project aimed at undertaking Southern Gas Pipeline viability studies will be opened for bids.

The meeting participants set December 12 2007 as the date for the next gathering.