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Brazil to increase its refining capacity, Petrobras boss says
RIO DE JANEIRO
Petroleumworld.com, Aug 25, 2008Brazil plans to increase its petroleum refining capacity by building five new refineries, the head of the state-owned oil consortium Petrobras said Friday.
The goal is to increase the export of oil derivatives, Sergio Gabrielli said.
"The last refinery built in Brazil dates to 1980. Between now and 2017 five new refineries will be built in this country," Gabrielli told reporters at the company headquarters here.
Petrobras exports currently represent between six and seven percent of the country's total exports, yet the company continues being "a big importer" of oil products, Gabrielli said.
Brazil is self-sufficient in petroleum, but imports liquefied gas and gasoline.
With the new refineries Brazil will be able to produce more petroleum derivatives, he said.
Petrobras plans to invest 112 billion dollars in the project through 2012. But that amount "will certainly increase" following the recent discovery of new oil fields, he said.
Brazil recently announced the discovery of deep offshore oil fields potentially containing billions of barrels of light crude.
Petrobras currently has reserves of 14 billion barrels of oil .
The company is already building a joint refinery in Pernambuco with Venezuela 's state firm PDVSA as a 50-50 partner.
Story from AFP
AFP 22 2003 GMT 08 08Copyright© 2008 respective author or news agency. All rights reserved.
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