Information about partnership at Abreu e Lima Refinery

abarrelfullabarrelfull wrote on 04 Oct 2011 12:43
Tags: brazil pdvsa petrobras refinery

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Petróleo Brasileiro S.A. – Petrobras announces the progress of the negotiations to bring about the participation of PDVSA do Brasil (PDVSA) at the Abreu e Lima Refinery (RNEST).

According to the Press Release disclosed by the Company on September 13, 2011, negotiations are underway and in order to proceed forward PDVSA needs to acquire 40% of RNEST shares and assume 40% of the debt contracted with BNDES (Brazilian Development Bank).

On September 30, 2011, the Company received a favorable opinion from BNDES, which considered acceptable the bank guaranties offered by PDVSA to partially replace the guaranty provided by Petrobras. Approval is conditioned on the presentation of the instruments, which will formalize the bank guaranties in satisfactory terms for BNDES.

Petrobras further announces that the deadline of November 30, 2011 was negotiated with PDVSA for the conclusion of all the necessary negotiations in order for PDVSA to enter the joint venture.

Petrobras will disclose all information relating to PDVSA’s entry as a member at RENEST in a timely manner.

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