Brazil’s Petrobras to Spend US$ 6.5 Billion in Its Biggest Project Ever

Petrobras presented plans for a US$ 6.5 billion petrochemical complex described as the "biggest single project in the history of the company."

The project was presented this week to officials from Itaboraí­ and São Gonçalo, the two cities in Rio de Janeiro state that will be home to the complex.

"The main goal of the presentation is to show the transparency that Petrobras brings to its projects in the communities that will somehow be affected," the company said in a statement.

Petrobras petrochemicals division chief, Paulo Roberto Costa, discussed the planned complex with officials, business leaders and students from the two cities.

Crude oil for the complex will come from Rio de Janeiro state’s offshore Campos basin. Petrobras produces nearly 80% of the country’s oil from the basin.

The Rio de Janeiro petrochemical complex, which Petrobras will operate with Brazilian partner Ultra, will require investing some US$ 6.5 billion between 2007 and 2011, said the company’s release.

The complex will have a processing capacity of 150,000 barrels of crude per day.

Output from the plant will supply the domestic market for petrochemical resins, propane, benzene and other products that are currently imported.

Government owned Petrobras ranks 14th among the world’s largest oil companies according to Petroleum Intelligence Weekly. Petrobras lists its shares and bonds on the stock exchanges in New York, Madrid and São Paulo.

Mercopress – www.mercopress.com

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