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Petrobras to invest 137M reais in Sao Paulo refinery

March 13/2018

MOSCOW (MRC) -- Brazil's state-run oil company Petroleo Brasileiro said that it will invest 137 million reais (USD42 million) this year in the Presidente Bernardes refinery in the industrial hub of Cubatao, about 40 kilometers (25 miles) southeast of metropolitan Sao Paulo, reported Reuters.

The money will go toward improving operation efficiency in the unit and is part of the company's overall 2018-2022 investment plans, Petrobras said in a statement.

The refinery has the capacity to process 27 million liters of petroleum per day, which is 8 percent of Brazil's overall refining output.

As MRC wrote earlier, in October 2017, Petrobrass (Rio de Janeiro) minority stakes in Braskem and Deten Quimica was excluded from Petrobrass divestment program, according to a government decree published in Brazils Official Gazette. The decree prevents Petrobras from immediately selling its minority stake in Braskem, which had been announced last year. A new decree will be required to release the stock sale.

Headquartered in Rio de Janeiro, Petrobras is an integrated energy firm. Petrobras' activities include exploration, exploitation and production of oil from reservoir wells, shale and other rocks as well as refining, processing, trade and transport of oil and oil products, natural gas and other fluid hydrocarbons, in addition to other energy-related activities.
Author:Margaret Volkova
Tags:PVC, PE, crude and gaz condensate, ethylene, petrochemistry, Braskem, Petrobras, Brazil.
Category:General News
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