Petrosul, the Brazil-Argentina-Venezuela Joint Venture

The presidents of Argentina, Brazil, and Venezuela signed this yesterday a cooperation agreement in the energy sector creating the Petrosul. The agreement specifies partnerships between state-owned oil companies of the three countries, in projects of oil prospecting, refinery, and transportation, as well as ships construction.

The announcement was made by the President of Venezuela, Hugo Chávez, referring to Brazil’s Petrobras, Venezuela’s PDVSA, and Argentina’s Enesa.


According to Chávez, final details for the creation of Petrosul were discussed during dinner offered Monday, May 9, by President Luiz Inácio Lula da Silva, at his Granja do Torto residence.


Chávez says that one of the first challenges is to help Argentina recover investments on the recently structured Enesa. He adds that there are already specific projects that need to be defined in all three countries.


According to Brazil’s  Presidential Assessor for International Affairs, Marco Aurélio Garcia, in addition to Petrosul, the three presidents discussed financing options for the three state companies.


Garcia says that legal issues are being analyzed so that Brazil’s National Bank of Economic and Social Development (BNDES) can start to work on these loans.


Argentina’s Ambassador, Juan Pablo Lohlé, says that Argentina’s President, Nestor Kirchner, was satisfied with the Summit’s negotiations, and that his country is willing to keep supporting proposals for Petrosul.


Agência Brasil

Tags:

You May Also Like

Bookie Got Sweet Deal from Brazil Government

The corruption scandals engulfing Brazil’s ruling Workers Party, PT, was further stoked Wednesday by ...

On Advice of Counsel

1. President Lula should legalize all immigrants living in Brazil. 2. Should assist Brazilians ...

Brazil Embraer’s Net Income Goes Up, While Net Sales Go Down

Embraer, Brazilian aircraft manufacturer, had a net income of US$ 83 million in the ...

Brazil’s Lula Pans the US as the Planet’s Main Polluter

One of the challenges for Brazil in the 21st century is to become the ...

Best Showing in 14 Years: UN Estimates Put Brazil Growth at 6% in 2008

Latin America's largest economy, that of Brazil, will likely end 2008 with an expansion ...

Brazil Back in Space

Ukrania, China, the US, and Russia will participate in the new phase of Brazil’s ...

A National Guard

New official statistics show that the subterranean economy in Brazil employs one in every ...

Brazil Offers Job Training for Poor Women

Brazil’s First Social Consortium of Youth (Consórcio Social da Juventude), which will train and ...

China Becomes Brazil’s Third Biggest Trade Partner Behind US and Argentina

The executive secretary at Brazil’s Ministry of Development, Ivan Ramalho, declared that total bilateral ...

Brazil Presses Ahead to Reform and Get Permanent Seat at UN

Brazil’s Minister of Foreign Relations, Celso Amorim, says he has felt a “reform impulse” ...

WordPress database error: [Table './brazzil3_live/wp_wfHits' is marked as crashed and last (automatic?) repair failed]
SHOW FULL COLUMNS FROM `wp_wfHits`