Petrobras, Ultra negotiate, seek JVs for $3 billion petrochemical complex
Brazil's state-owned oil company Petróleo Brasileiro SA (Petrobras) and Brazilian private petrochemical group Ultrapar Participações SA (Ultra) are negotiating the construction of what, if built, would be a $3 billion petrochemical complex, possibly at Itaguai, 80 km South from Rio de Janeiro.