18 memorandums of understanding (MOUs) have been signed earlier this year between Brazil and Venezuela, ranging from petrochemicals to bio-diesels. Brazil will partner PDVSA most all its new business, in addition to building a new refinery in Pernanbuco, importing ethanol to replace the lead on the gas, placing an order for 40 tankers.
Brazil and Venezuela are to build a US$2.5 billion (euro2.07 billion) oil refinery in the northeastern state of Pernambuco in about 2 years. The refinery, a joint project between Venezuela's state-run oil company PDVSA and its Brazilian counterpart Petrobras, would be located on the southern outskirts of Recife. The refinery will be the first in Pernambuco and would process heavy oil, with capacity to produce 250,000 barrels a day.
09-Aug-05 
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