Western Hemisphere
State-run oil companies Petróleos de Venezuela (Pdvsa) and Brazil's Petrobras will sign this week the contracts that will complete the binational agreement to build a refinery in northern Brazil, reported on Wednesday Brazilian presidential spokesman Marcelo Baumbach.

The signing of the agreements will coincide with the visit of the Brazilian President Luiz Inacio Lula da Silva to Venezuela in order to meet with his counterpart, Hugo Chávez, and will mark the successful end to years of negotiations, AFP reported.

"A recent understanding will allow for the completion of the agreement between Petrobras and Pdvsa to build the refinery Abreu e Lima. During the coming trip of President Lula, the articles of association and the shareholders agreement will be signed as well as the purchase agreement and the investment plan of the refinery," said the Brazilian spokesman.