The company is currently in negotiation with PdVSA to complete a joint venture (JV) deal, following an initial agreement signed in 2008.
Under the terms of the deal, PdVSA must buy 40% of the shares in the JV and assume 40% of already contracted loans for the project and meet loan guarantee demands from the Brazilian National Development Bank (BNDES).
Petrobras also received a loan in 2009 from BNDES to support the construction of the refinery which will have a capacity of 230,000-barrel-a-day.
PetroleoBrasileiro will hold 60% stake in the Abreu e Lima refinery which will process heavy oil from both Brazil and Venezuela.
PdVSA said it secured $400m for an initial guarantee on the refinery construction, reports Oil and Gas Journal.
