Venezuelan state-run oil company, PdVSA, will be paying $400 million to Brazil’s Petrobras, Reuters reports. The amount will be disbursed when the final agreement for a provisional 40% stake in the Abreu e Lima refinery will be signed.

PdVSA will contribute 40% in cash out of the $1 billion, which Petrobras has already invested in construction and equipment procurement. The refinery, which is said to be valued at $12 billion, was considered to process crude oil from a PDVSA-Petrobras joint venture in the Carabobo region of Venezuela’s Orinoco belt.

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