June
23, 2004
PDVSA and Petrobras discuss
US$2.5bn Renor refinery
(BNamericas.com) - "Venezuela's state
oil company and its Brazilian counterpart Petrobras
were set to discuss plans for a refinery joint
venture Wednesday, PDVSA director Nelson Martínez
said at the Latin Oil & Gas conference in
Rio de Janeiro. Investment would be some US$2.5bn
for a 250,000 barrel a day facility, he added.
The venture is known as Refinería del Norte
(Renor) and the partners have looked at a number
of ports, including Pernambuco state's Suape,
press from both countries reported Martínez
as saying.
Respective presidents Luiz Inacio Lula da Silva
and Hugo Chávez have previously indicated
preferences for a port in Pernambuco state, and
Renor, controlled by German company Ferrostaal,
signed a letter of intent in early 2003 with Pernambuco
state government.
The refinery would process Venezuelan crude, and
according to previous reports the main product
would diesel".
