The CEO of Brazilian energy company Petrobras said that the JV between Petrobras and state run oil company Petróleos de Venezuela is on track, even though Venezuela has not offered the collateral

A project to build the Abreu e Lima refinery in Pernambuco state, northeastern Brazil, between state run companies Petrobras and Pdvsa, is still on track despite the fact that Venezuela has not paid for its share in the JV.

Mr Jose Sergio Gabrielli CEO of Petroleo Brasileiro SA said that he expects to successfully negotiate with Pdvsa, whose problems to provide the corresponding funds do not affect the construction of the refinery. The project continues at full speed since last year and is funded with Brazilian money only.

It may be noted that the Venezuelan oil company requested a loan from the Brazilian National Bank for Economic and Social Development but it has not been approved due to lack of collateral.

(Sourced from www.eluniversal.com)