UPDATE 1-Venezuela’s PDVSA has $400 mln for Brazil refinery

* PDVSA has some cash ready, needs financing for rest

* Venezuelan firm estimates total cost at $12 billion
(Adds details, quotes)

CARACAS, Nov 2 (BestGrowthStock) – Venezuelan state oil firm PDVSA
said on Tuesday it had an initial contribution of $400 million
ready for a joint venture refinery with Brazil’s Petrobras
(PET4.SA: ) but was looking for further financing elsewhere.

Petrobras and PDVSA aim to construct and operate the
230,000 barrel-per-day Abreu Lima refinery in Brazil’s
northeast Pernambuco state.

PDVSA refinery chief Asdrubal Chavez told reporters the
total cost estimate had risen to about $12 billion, of which
Venezuela’s share was 40 percent.

“Venezuela has its first contribution ready, about $400
million which we will hand over when the financing part of the
project is structured,” he said.

“The rest depends on financing that we are seeking.”

Petrobras has put the total cost at more than $13 billion
and said the expected start-up date for the refinery would be
April 2012. [ID:nN02345886]

The initial cost estimate was nearer $4 billion.

PDVSA is seeking financing from Brazil’s BNDES development
bank for its share.
(Reporting by Marianna Parraga; Writing by Andrew Cawthorne;
Editing by Marguerita Choy)

UPDATE 1-Venezuela’s PDVSA has $400 mln for Brazil refinery