Lula And Chavez Sign Agreement For Construction Of Petroleum Refinery

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 Lula And Chavez Sign Agreement For Construction Of Petroleum Refinery

16:58

Carolina Pimentel
Reporter - Agência Brasil

Brasília - Presidents Luiz Inácio Lula da Silva and Hugo Chavez, from Venezuela, will sign an agreement today (29) for the construction of a petroleum refinery in the Port of Suape, in the state of Pernambuco, in northeastern Brazil. The project will be a partnership between Petrobras and the Venezuelan state petroleum company, PDVSA, according to a note issued by the Planalto Palace.

Each company will contribute 50% of the total investment of US$ 2.5 billion.

The refinery will have the capacity to process around 200 thousand barrels daily and will occupy an area of 600 hectares. The project should be completed in 44 months.