Petrobras, PDVSA Sign Agreements of Principles for LNG Trade

Brazilian energy major Petrobras and the Venezuelan national oil company PDVSA, have signed agreements of principles for the purchase and sale of liquefied natural gas to be supplied by PDVSA.

The agreements set the negotiation basis between the two companies for future liquefied natural gas (LNG) supply agreements. The product will be supplied by two liquefaction units, the Tren-1 and the Tren-2, which will be built in the Complejo Industrial Gran Mariscal de Ayacuchho, in Venezuela.

Petrobras and PDVSA have also made progress in the definition of the shareholder agreement, and of the articles of incorporation for the company that will build and operate the Abreu e Lima refinery in the state of Pernambuco, Brazil.

Petrobras has also announced that it will participate, in equal conditions with the other competitors, in the bid PDVSA is expected to hold for the exploration of the Carabobo-1 block.