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Business, not politics

14 September 2011 By Martin Hutchinson, Christopher Swann

Offering 40 pct of a new Brazilian refinery to Venezuela’s state oil group seemed politically smart in March 2008. But PDVSA’s cash is not forthcoming, so Petrobras is on the hook. It has the money, so there’s no big loss – just a warning against deals inspired by Brasilia.

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