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Petrobras to invest $650 mil on its refining assets in Argentina
Platts
Buenos Aires
Petroleumworld.com 07 11 06
Brazil's Petrobras plans to invest $650 million through 2010 in Argentina
to expand its refining capacity, improve petroleum product quality and
increase its capacity to process heavier crude, a company spokeswoman said
Monday.The aim is to expand its total refining capacity to 83,000 b/d from
68,000 b/d in Argentina.Of the total, some $450 million is to go towards expanding its 37,740 b/d
San Lorenzo, Santa Fe refinery and the rest is earmarked for its 31,200 b/d
Bahia Blanca, Buenos Aires facility, she said.The added capacity will allow Petrobras to step up production, with
gasoil output to rise by 35%, the company said.The Brazilian company also wants to be able to process a greater amount
of heavier crude. Argentina's overall oil production hit a 12-year low of
665,035 b/d in 2005, but output of heavier crude, which is produced primarily
in the Gulf of San Jorge basin, has been rising.Part of the spending will also go to improving product quality to meet
stricter environmental standards approved earlier this year. They call for the
sulfur content in premium gasoline to be cut to 10 ppm from 300 ppm by 2011
and for lower-octane gasoline to 50 ppm from 1,500 ppm.For more news, request a free trial to Platts Oilgram News at
http://oilgramnews.platts.com or subscribe now at
http://www.platts.com/infostore/product_info.php?cPath=1_29&products_id=29PLATTS 07 10 06
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