By Ezequiel Minaya

Published September 29, 2011 | Dow Jones Newswires

CARACAS -(Dow Jones)- Venezuelan President Hugo Chavez blamed Brazilian federal oil company Petroleo Brasileiro (PBR, PETR4.BR), or Petrobras, for delaying the completion of a joint-venture deal with Petroleos de Venezuela SA to build a refinery in Brazil's northeastern Pernambuco state.

"It's like the black sheep of all the agreements that march along marvelously with Brazil," Chavez said during a televised press conference Thursday.

Earlier this month, Petrobras officials said that Venezuela's state-owned oil company, also known as PdVSA, still faced several obstacles to assuming a 40% stake in the Abreu e Lima refinery currently under construction. PdVSA must purchase 40% of the shares in the joint-venture company, assume 40% of already contracted loans for the project and meet loan guarantee demands.

On Thursday, Chavez said Petrobras has been unreasonable in its loan guarantee demands. "I think that in Petrobras there are sectors or actors who do not want the agreement," Chavez said. "I am convinced of that...because when it's not one thing it's another or another or another."

The refinery joint venture has been marked by bickering and delays since the deal was first reached in March 2008, with Petrobras vowing to build the nearly $15 billion refinery with or without the participation of PdVSA.

Petrobras had been expected to hold a 60% stake in the 230,000-barrel-a-day refinery, with PdVSA assuming the remaining 40%. The refinery was to process heavy oil from both Brazil and Venezuela.

Chavez said he held out hope that the deal can be completed but "if we can't, we can't," he said. "There are more important things to work on."