Venezuela's participation in Brazilian refinery may be paid with oil
Brazilian daily newspaper Folha de Sao Paulo said the proposal made by Venezuelan state-owned oil company Pdvsa aims at delivering Brazil some 70,000 oil barrels per day for its participation in Abreu e Lima refinery, which commissioning is scheduled for late 2014
The partnership between the two oil companies was agreed in 2005 by then President Luiz Inácio Lula da Silva and Venezuelan President Hugo Chávez. Under the agreement, Pdvsa's financial contribution would amount to 40% of the cost, which is currently estimated at USD 17.1 billion, compared to USD 2.3 billion estimated back in 2005.
To date, the construction works of the refinery have been afforded by Petrobras only, which, according to Folha de Sao Paulo, has already invested more than half of the money needed to complete the project, DPA reported.
Based on information from Folha de Sao Paulo, Venezuela has offered to deliver Brazil some 70,000 barrels of oil per day so as to pay for its participation in the plant, which commissioning is scheduled by late 2014.
Notwithstanding, the proposal faces some hurdles within Petrobras, as the firm prefers money in cash, but the final decision is the hands of the Brazilian president as well.
"Cocoa is to Venezuelans what wine is to the French," says Alejandro Prosperi, head of the Venezuelan Chamber of Cocoa, using this simile to express the paramount importance or the cocoa industry for the country. Often times heralded as "the best cocoa in the world," a passion for quality dating back to the sixteenth century has made Venezuelan cocoa growers to enjoy high prestige at international level and their product to be among the most sought-after in the world.