Venezuela, Brazil to boost oil cooperation

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Source: CCTV.com | 03-27-2008 09:15

Venezuelan President, Hugo Chavez, is in Brazil for a visit and as Zeng Siwei reports, one of his aims is to boost oil cooperation between the two countries.

Venezuelan President, Hugo Chavez, is in Brazil for a visit and as Zeng Siwei reports, one of his aims is to boost oil cooperation between the two countries. (CCTV.com)

Upon arriving in the Brazilian city of Recife on Wednesday, Hugo Chavez said his nation is prepared to provide billions of dollars to help build an oil refinery in Brazil.

The plant will process Venezuelan crude when it starts operating in 2010.

Hugo Chavez, Venezuelan President, said, "Venezuela is willing to invest four billion dollars there within the next three years or so. This is an important investment, it is a big refinery and it is part of a project to strengthen South America. The project we have called Petrosur is becoming a reality."

Chavez and his Brazilian counterpart Luiz Inacio Lula da Silva laid plans for the refinery three years ago.

But negotiations stalled over joint construction and operation of the facility by state oil companies of the two countries.

Brazil's Petrobras last year started to build the refinery on its own without any Venezuelan investment.

On Tuesday, a spokesman for the Brazilian president said negotiators were still discussing the fine points of the agreement, but hoped the countries could sign a deal.

Chavez says he expects to reach an agreement with his Brazilian counterpart.

Editor:Zhang Pengfei