PDVSA Didn’t Provide Guarantee for Refinery Project, Estado Says

Petroleos de Venezuela SA didn’t provide loan guarantees required by Brazil’s National Development Bank for a refinery project being developed along with Petroleo Brasileiro SA, Estado de S. Paulo reported, citing an executive at the Brazilian state-run oil company.

Petrobras received a letter from PDVSA today saying the Venezuelan company didn’t manage to present the guarantees for its stake at the Pernambuco refinery project, the newspaper said, citing Paulo Roberto Costa, refining director at the Brazilian company. Petrobras is analyzing the document and may respond to PDVSA in five days, Costa said, according to Estado.

To contact the reporter on this story: Juan Pablo Spinetto in Rio de Janeiro at jspinetto@bloomberg.net

To contact the editor responsible for this story: Dale Crofts at dcrofts@bloomberg.net

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