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Petrobras Expects Brazil Refinery Deal Soon - Report
Monday, July 07, 2008

Brazilian state-run energy giant Petroleo Brasileiro SA (PBR), or Petrobras, will soon finalize a joint-venture refinery deal with Venezuela's Petroleos de Venezuela SA, or PdVSA, Petrobras' downstream director told the local Estado news agency.

According to Petrobras' Paulo Roberto Costa, a shareholders' agreement for the Abreu e Lima refinery under construction in Brazil's Pernambuco state was expected within 90 days. Petrobras will take a 60% stake in the refinery, while PdVSA will hold the remainder.

Brazilian antitrust authorities, however, were still evaluating the joint venture, Costa said.

The refinery will cost an estimated $4 billion. Site work currently is being completed on the refinery, which is expected to process 200,000 barrels of oil per day.

Petrobras plans to boost refining capacity to 3.6 million barrels a day by 2015, up from its current capacity of 1.9 million barrels a day.

Source: Dow Jones Newswires

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