Brazil’s Petrobras Invests US$ 11 Billion in 300,000 Barrels a Day Refinery

Petrobras, Ceará, Brazil Brazil's state-controlled oil and gas multinational Petrobras is going to invest US$ 11.1 billion in the construction of refinery Premium II, to be installed in the Port of Pecém, in the state of Ceará. The information was given by the director for Supply and Refining at the company, Paulo Roberto Costa.

The forecast is for the construction of the refinery to generate 90,000 direct and indirect jobs. According to Costa, the new unit will have processing capacity for approximately 300,000 barrels of oil per day, half of which should be produced beginning in 2014.

The new refinery is expected to become operational in September 2014. The remaining 150,000 barrels forecasted should be produced from September 2016 onwards.

Petrobras has already signed a memorandum of understanding with the Port Integration Company of the State of Ceará, Petrobras Distributor (BR), Transpetro, and the Gas Company of the State of Ceará, as well as the government of the state, so as to enable the construction of a new refining unit.

Counting from the protocol's signing, the parties will have 120 days to negotiate, elaborate and agree on a Term of Commitment, to be established between Petrobras, the Government of the State of Ceará, and Cearáportos (Ceará Ports), and which should create the necessary juridical, technical and economic conditions for the construction of the refinery.

The refinery will mostly produce diesel oil of the EURO V type for exports, kerosene for aviation, naphtha, liquefied petroleum gas (LPG) and bunker (oil for fueling vessels and tankers) for the domestic market. Diesel production should answer to 50% of the refinery's total output.

ABr

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