El Universal reported that in a new setback for the delayed project, Venezuela's state run oil company Petróleos de Venezuela or Pdvsa has not provided acceptable guarantees to get a loan that would ensure its share along with Brazilian federal oil company Petroleo Brasileiro (Petrobras) in a USD 14 billion refinery in the Brazilian state of Pernambuco.

Pdvsa needs a USD 10 billion loan from state owned Brazilian National Development Bank to fund its 40% stake in the Abreu e Lima refinery in the northeastern state of Recife.

Petrobras has already started building the 230,000 barrels per day heavy oil refinery, as a result of Pdvsa delays to provide guarantees.

(Sourced from www.eluniversal.com)