Venezuela, Brazil Sign Agreements on Oil and Infrastructure

Source: El Universal (6/7/11)

"Rousseff says Brazil is committed to Venezuelan development of hydroelectric plants and petrochemical projects."

El Universal

The presidents of Brazil, Dilma Rousseff, and Venezuela, Hugo Chávez, agreed Monday to a financing of USD 637 million to build a shipyard in the state of Sucre, northeast Venezuela, for the member countries of the Bolivarian Alliance for the Peoples of Our America (ALBA).

Venezuela's state oil company Pdvsa and Brazil's Petrobras reached an agreement on Abreu e Lima refinery, said Brazil's foreign policy advisor Marco Aurelio Garcia.

Details of the agreement would be analyzed by business representatives next week.

The shipyard to be built in Sucre state will be funded with loans to be granted by the Economic and Social Development National Bank (BNDES) of Brazil and Brazilian companies will take part in the construction of the work, under the agreement signed during Chavez's visit to Brasilia.

BNDES funds will be channeled by Venezuelan state oil company Pdvsa, which will be in charge of the shipyard. ALBA comprises Bolivia, Cuba, Ecuador, Nicaragua, Dominica, Antigua and Barbuda and St. Vincent and the Grenadines.

Chávez said the Brazil and Venezuela are creating, through their agreements, a new model of relationship "that is not limited to competition. We are creating a model of economic, social, political and scientific complementation and cooperation. These agreements attest to this.''

Rousseff added that Brazilian companies remain committed to the development of works in Venezuela, including hydroelectric plants, highways, subway systems, steel, petrochemical and shipbuilding.

"The size and scope of these projects show the Brazilian private sector's confidence in the Venezuelan economy," said the Brazilian president.

However, she did not mention the construction of a heavy oil refinery in the Brazilian state of Pernambuco, which has been under negotiations since 2005 by the state oil companies of both countries, but was initiated by Brazil's Petrobras for lack of agreement for the incorporation of Venezuela's Pdvsa.

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