• Categories
  • Archives

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Your email address will not be published.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

Dilma’s Legacy: Dealing with Lula’s Remnants of Corrupt Aides

Dilma Rousseff approaches the anniversary of her inauguration as Brazil’s president at the beginning ...

Bare Flesh Protest

To call attention to their gripe, everything is game for the students: to carry ...

Brazil’s Emissions Market Is Open for Business

Brazil’s Ministry of Development, Industry, and Foreign Trade (MDIC) and the Commodities and Futures ...

Shock Treatment

Brazil needs a major and radical government change to be able avoid an economic ...

Brazil’s Lula Warmly Welcomes Chavez into the Mercosur Brotherhood

During the opening ceremony of the 29th Mercosur Summit in Montevideo, Uruguay, Brazilian President ...

Converted Tanker Boosts Brazil Offshore Oil’s Output

Petrobras, Brazil's government controlled multinational oil corporation, took a major step this week to ...

Ecological Heaters from Brazil Save Money and Recycle Plastic Containers

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

Lula Warns Brazilians of Tough and Worrisome Times Ahead

Luiz Inácio Lula da Silva, the president of Brazil, warned his fellow citizens of ...

Bolivia Accuses Brazil of Using Venezuela to Get Cheaper Gas Prices

The president of Bolivia’s state petroleum company said Monday, February 20, that suggestions Brazil ...

US Treasury Secretary Scolds Brazil for Corruption and Bureaucracy

The yuan needs to "adapt" to the vigor and strength of the Chinese economy, ...