Brazil, Venezuela agree joint energy projects |
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Published
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Fri, 21 Sep 2007 08:24
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MANAUS, Brazil Thomson Financial - Presidents Luiz Inacio Lula da Silva of Brazil and Hugo Chavez of Venezuela yesterday ratifed two joint energy projects here and agreed to an engineering study to build a natural gas pipeline that would stretch across the Amazon rainforest.The first venture will give Venezuelan oil company PDVSA 40 pct of the Abreu e Lima refinery being constructed in north eastern Brazil and the other will give Petrobras 40 pct of the Carabobo extra heavy oil field in Venezuela's Orinoco basin.Agreements for the joint-venture projects, which had been delayed due to disputes between Petrobras and Venezuela, will be signed in December.The Abreu e Lima refinery is expected to produce 200,000 barrels per day by 2010.Lula said: 'There is no dispute between the two nations (nor) any intrigue or rumour that prevents Brazil from deepening its strategic relations with Venezuela.'The 8,000 km pipeline project will stretch from the Venezuelan region of Guiria to Manaus in the Amazon rainforest and will cost an estimated 20 bln usd.tf.TFN-Europe_newsdesk@thomson.comhjp/jlw/ms1COPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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