Petrobras unit seeks partners to build refining projects

Oct 08, 2004 02:00 AM

Brazilian Petrobras' petrochemical unit Petroquisa is seeking partners to build petrochemicals and related oil-refining projects worth over $ 5 bn during the next six years, far outstripping a modest $ 1.1 bn Petrobras had officially estimated earlier for the 2004-2010 period, Petroquisa's president Kuniyuki Terabe said.
The largest of the proposed projects is a $ 3.5 bn oil refinery and petrochemicals complex that could be based in Itaguai, Rio de Janeiro.

The complex would take Petrobras heavy crude from Brazil's Marlim field in the Campos Basin offshore Rio de Janeiro, most of which now is exported, and transform it into naphtha, diesel, gasoline and other products. The aim is to create the maximum possible volume of feedstocks for petrochemicals projects, Terabe added.
A decision will likely be made within the next three months as to whether the project will go ahead, Petrobras Refining Director Paulo Roberto Costa said.

Source: Platts
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