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


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