Petrobras to invest $8.9 billion over 9 years to upgrade refineries

Petroleo Brasileiro SA (Petrobras) will invest a record $8.9 billion in its refining sector between 2002 and 2010, said Eider Prudente de Aquino, Petrobras's refining director. It will revamp eight of its refineries in Brazil.

By an OGJ Online Correspondent

RIO DE JANEIRO, Dec. 3 -- Petroleo Brasileiro SA (Petrobras) will invest a record $8.9 billion in its refining sector between 2002 and 2010, said Eider Prudente de Aquino, Petrobras's refining director.

It will revamp eight of its refineries in Brazil.

This is the largest capital investment in Brazil's refineries since the 1970s, when most of Petrobras's 11 refineries were built. There are 13 refineries in Brazil now.

"The target of this investment is to absorb the growing production of crude oil, which has special characteristics such as being heavy with low sulfur content," explained Aquino.

Petrobras plans to produce more added value products and improve the quality of gasoline and diesel oil, added the Petrobras executive.

The refineries set for revamp are the 226,000 b/d Duque de Caxias plant in Rio de Janeiro state; the 352,000 b/d Paulinia plant in Sao Paulo; the 189,000 b/d Canoas plant in Rio Grande do Sul; the 214,000 b/d Sao Jose dos Campos plant in Sao Paulo; the 151,000 b/d Betim plant in Minas Gerais; the 189,000 b/d Araucaria plant in Parana; the 170,000 b/d Cubatao plant in Sao Paulo; and the 306,000 b/d Mataripe plant in Bahia.

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