• Categories
  • Archives

With Venezuela’s Help Brazil Builds First Oil Refinery in 20 Years

Brazilian President Luiz Inácio Lula da Silva visited two municipalities in the state of Pernambuco, Friday, December 16. First, in Ipojuca, where the industrial center and port of Suape are located, he joined the President of Venezuela, Hugo Chavez, to lay the cornerstone for the petroleum refinery General José Ignácio Abreu e Lima (a Brazilian who participated in the South American wars of independence).

It is estimated that the cost of new refinery will be US$ 2.5 billion, with the funding to be equally divided between Brazil’s state-run Petrobras, and Venezuela’s PDVSA.

The refinery, the first to be built in Brazil in 20 years, is scheduled to begin operations in 2011 with a capacity of 200,000 barrels per day.

Later, Lula inaugurated a professional training school in Garanhuns, the President’s hometown. The school cost US$ 1.3 million (3 million reais) and has a capacity for 240 students. The school is named Euridice Ferreira de Melo Lindú, in honor of the President’s mother.

IMF Payoff

Speaking to Armed Forces generals at a traditional year-end lunch, the Brazilian President declared that the decision to anticipate paying off an IMF debt of US$ 15.5 billion shows that the country can control its own destiny.

"We are making this payment because we want to show the world and the market that we are in charge. When we do things we might make mistakes or we might get things right, but we decide," said the president.

Brazil is paying off an IMF debt which was to have been paid in installments between now and December 2007.

ABr

Tags:

  • Show Comments (1)

  • Cynthia Sims

    What oil company in Venezuela will use oil refinery in Brazil? I would like to know what are the company’s names and what are their stock symbols. Please e-mail me with this information. Thank-you!

Your email address will not be published. Required fields are marked *

comment *

  • name *

  • email *

  • website *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Ads

You May Also Like

For Brazil a Forecasted Soybean Bumper Crop Is Not Good News

A forecasted soybean bumper crop in South America in early 2010 will ease world ...

Waterfall in the Brazilian Amazon

Amazon Communities in Brazil Try to Make “Light for All” a Reality

Wealth and conflict are often found together. In the wealthy Amazonian region of Brazil, ...

Corruption Scandals Tilting Brazil’s Governmemt to the Right

The Brazilian government has been racked by a series of corruption scandals that many ...

Brazilian Indians Call Lula Anti-Indian

Brazil’s Forum in Defense of Indigenous Rights (FDDI) issued, yesterday, its “April Manifesto,” criticizing ...

How to Explain Brazil’s Hundreds of Thousands of Kids Living in the Streets?

Historians will find it difficult to explain Brazilian society’s great disdain for its children. ...

Brazilian Chorinho for Algerian Ears

Algerians will get to know this week the Brazilian Chorinho, a rhythm that was ...

Ecological Heaters from Brazil Save Money and Recycle Plastic Containers

The largest ecological heater of Brazil, using the sun, was installed in the city ...

Jamaica Defends a Permanent Seat for Brazil at the UN

Jamaica’s Prime Minister, Percival J. Patterson, demonstrated support for Brazil’s candidature for a permanent ...

Brazilian Author Recalls the Pain of Writing City of God

Fernando Meirelles' Oscar-nominated City of God was one of the most controversial Brazilian movies ...

Brazil Makes a Push to Become Wheat Self-Sufficient

Main ingredient of pãozinho (crusty French bun), present on the tables of most Brazilian ...