Brazil and Venezuela Embark on US$ 5 Billion Petrochemical Project

Chavez and Lula at the Margarita Summit

Chavez and Lula at the Margarita Summit Brazil and Venezuela launched yesterday, April 16, in the municipality of Barcelona, in the Venezuelan state of Anzoátegui, the foundation stone for the joint construction of a petrochemical complex.

The agreement was signed by companies Braskem, from Brazil, and Pquiven, from Venezuela. The investment, of approximately US$ 5 billion, will be divided in equal parts by the two countries.

"Once a hub such as this one is ready, then Brazil and Venezuela will have technology to take other hubs to other countries in the world," said president Luiz Inácio Lula da Silva during the signing ceremony.

To the president, this is not just about a partnership between Venezuela and Brazil. In his assessment, from a petrochemical plant, knowledge will be generated that will transform Latin America in an exporter region of high value-added products.

"It is important to benefit from the political and economic moment the country is going through, so that Venezuela can transform its potential for natural gas and oil."

The Venezuelan president, Hugo Chávez, endorsed the speech of his Brazilian colleague, but claimed that, although Latin America has the potential to cater to the region's energy demands, investments and technologies must be sought in order to do so.

Chávez informed that Latin American countries consume 7.5 million barrels of oil per day, an amount that should increase by 22% over the next few years. From Barcelona, the presidents headed to Isla Margarita, where the 1st South American Energy Summit is being held. The Summit should end today.



  • Show Comments (3)

  • AES

    Better watch your wallet.
    In which country does Chavez propose this HUB to be. Hmm, Venezuela?

  • conceicao

    All this means is that Chavez has so run down Venezuela’s petro infrastructure capability that he cannot do the project
    on his own. This situation seems similar to Brasilian companies moving into
    Argentina to buy cheap after that country’s meltdown. All Brasil has to do with the likes of Chavez is continue to give lip service to South American solidarity while consolidating Brasilian interests
    throughout the region through the expansion of Brasilian multinationals.

  • u.s.guest

    The Dance Of The” Pinks”
    Or is it , ” the reds”….

Your email address will not be published.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.


You May Also Like

In Brazil 70% of Women Abuse Is Shelved. At Women’s Request.

A survey in Brazil coordinated by professor Heleieth Saffiotti has found that 70% of cases ...

Brazil to Increase Coffee Production by Up to 23% This Year

Coffee crop in Brazil this year may beat the 48.48 million bag record, the ...

The Stones’s Free Bigger Bang Concert from Rio, Brazil, Comes Live to the Net

After shattering North American box office records, the Rolling Stones are taking their sold-out ...

When the Muzzle Was King

Over a period of 10 years, starting December 13, 1968, Brazil lived under AI-5 ...

120 Years After End of Slavery Brazilian Blacks Still Far from Getting Equality

Despite Brazil’s NIMBY attitude about racism, while trying to convince itself of being a ...

Every Brazilian Player Is in Shape to Start World Cup Practice

Ronaldo is expected to be in good physical condition when Brazil begins its pre-World ...

Biokerosene creator, Expedito Parente

This Brazilian’s Obsession: Get the World to Use His Biojet Fuel

At age 66, Doutor Expedito has never been so requested. His biokerosene should pave ...

Brazil Has Already Exported 25% More than in 2004

Through the first week of April, Brazil’s exports in 2005 totaled US$ 25.039 billion. ...

Brazil to Have 1,150 Bone Marrow Transplants in 2005

Seven hundred seventy bone marrow transplants were performed in Brazil between January and August ...

Brazilian President Lula and his Chilean colleague Bachelet

Brazil and Chile Agree: Education is Priority Number 1 in LatAm

Brazilian President Luiz Inácio Lula da Silva and his Chilean counterpart Michelle Bachelet called ...