Brazilian President Luiz Inácio Lula da Silva gave assurances today to the governor of Pernambuco, Jarbas Vasconcelos, that, in August, he and the President of Venezuela, Hugo Chavez, will announce the details of the construction of a Petrobras oil refinery in partnership with the Venezuelan Petroleum Company (PDVSA).

The refinery, which will process heavy crude, will have a daily production capacity of between 200 and 250 thousand barrels.

The initiative, which represents an investment of US$ 2.5 billion, will generate 10 thousand jobs during the construction phase, which is expected to take two years.

The enterprise will be installed in the Suape Industrial and Port Complex, on the Cape of Saint Augustine, in the metropolitan area of Recife, in Northeastern Brazil.

ABr

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Correction
written by Guest, July 25, 2005

Dear Sirs,

Your article refers to the oil company "Pedevisa". The Venezuelan state oil company is called PDVSA, which is an acronym for Petroleos de Venezuela, S.A. In Spanish it is commonly pronounced, ("Pe-De-Ve-Sa), but this is only for pronounciation purposes.

Your sincerely

Jason Berman
Atlanta, Georgia, USA

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