Guatemala: Refinery and alliances with Petrobras

The Brazilian oil company Petrobras is interested in building a refinery in Guatemala, using capital from both countries. They want to seek local alliances to increase oil production in Guatemala, Guatemala's Energy and Mines Minister Carlos Meany said.

Tuesday, April 22, 2008

The meeting with directors of the Brazilian company was part of yesterday's agenda during the visit to Brazil of President Álvaro Colom and his delegation.
"We're talking about an alliance to establish a refinery that will produce between 70,000 and 100,000 barrels of oil per day in Guatemala. The capital will come from the Guatemalan state, Petrobras, and both Guatemalan and foreign investors," Meany said.

More on this topic

Petrocaribe: Good or Bad Deal?

May 2013

The Guatemalan government's intention to join Petrocaribe is generating a heated argument that reveals the political background of the subject, beyond its apparent financial advantages.

Humberto Preti, in his column in, reports that "What is being done with Petrocaribe is to set up a state run or semi-state run company which does "the business" and receives the oil with 50% long-term financing with interest rates of 1% per year and with a grace period of two years before starting repayments. The oil is received at current international prices, so there is no advantage in price, but in funding. The oil is to be delivered to a refinery that can process Venezuelan heavy type oil, which is highly sulfurous-, which are those that are outside of Venezuela, in Trinidad and Curacao. Venezuela does the same and imports its own oil derivatives. The only refinery that they had burned down. This refinement has normal costs, so therefore the price of derivatives remains the same and Guatemalans would have no economic advantage. "

Oil Refining Plant in Guatemala

May 2012

Based on the country's prospected oil potential, Ivanhoe Energy and Cobán Oil & Gas are proposing to invest $250 million.

Both companies signed a letter of intent for joint investments of $250 million and reported that they expect to finish the process in 30 months, sign an investment agreement, and then start building the plant.

Petrobras in talks to seek oil in Guatemala

June 2008

Brazilian state oil company Petrobras is to hold talks with Guatemalan authorities with a view to studying the drilling potential of the Guatemalan Pacific.

Guatemala is also considering a move to join the Petrocaribe initiative under which Venezuela supplies oil at subsidized prices to the Caribbean, Nicaragua and Surinam.

Guatemala to create Latin America's biggest ecological park

April 2008

The government of Guatemala has proposed development of the biggest ecological and cultural park in Latin America in the northern department of Petén, President Álvaro Colom announced today.

It will be called "Cuatro Noj," which according to the Mayan worldview signifies the four cardinal points on the planet.

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