Brazil’s Petrobras Buying Texas Oil Refinery

The President of Petrobras – Brazilian Oil S.A., José Sérgio Gabrielli, affirmed today, in Rio de Janeiro, that in 2006 the government-owned company will start intensifying its operations in the refining market of oil byproducts, both in Brazil and the United States.

Petrobras has already announced the construction of two refineries in Brazil.

The first one, a partnership with Venezuelan PDVSA, will be built in the northeastern state of Pernambuco, to process 210,000 barrels per day of heavy oil extracted from both countries.

The second one, a Basic Petrochemical Plant, will produce 150,000 barrels of petrochemical input per day. The plant will be built in Rio de Janeiro and will process oil from Bacia de Campos.

In the United States, Petrobras is negotiating the acquisition of the majority of shares of a refinery located in Texas, the Pasadena Refining System Inc., which belongs to Astra Oil Co. and processes 100,000 barrels of oil per day.

Gabrielli said that Petrobras wants this unit to process heavy oil from Brazilian fields. A Memorandum of Understanding between Petrobras and Astra has already been signed last month.

Petrobras is celebrating its 52nd anniversary.

Agência Brasil

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