August 1, 2012. Venezuela is prepared to invest sufficiently to assure the opening of a jointly operated oil refinery in Brazil within the foreseen timetable, Venezuelan President Hugo Chavez said. Mr. Chavez said his government expected the Abreu e Lima refinery in Brazil's northeastern state of Pernambuco to begin operations in 2014 at a production capacity of 230,000 barrels per day. The refinery effort was launched during the government of former Brazilian President Luiz Inacio Lula da Silva, but has suffered delays amid difficulties by Venezuela's state-oil company Petroleos de Venezuela SA, or PdVSA, to assure financing for its portion of the project. The company has been given until November to come up with loan guarantees for the project for Brazil's BNDES National Development Bank. Mr. Chavez said the entrance of Venezuela into Mercosur would facilitate projects such as the refinery as well as trade throughout the region. Brazil's government planned to send a delegation to Venezuela at the end of August to negotiate increased trade of oil and other products.