Petrobras to spend $ 1.1 bn on upgrade of Minas Gerais refinery

Oct 18, 2007 02:00 AM

Brazil's state-run oil firm Petroleo Brasileiro, or Petrobras, will upgrade its Gabriel Passos refinery in Minas Gerais state for $ 1.1 bn, Chief Executive Sergio Gabrielli is quoted as saying.
The release says the investment will be for new units of the refinery. Petrobras currently is upgrading its Brazilian refineries to process more heavy oil and produce fuels that are more environmentally friendly.

The company also plans to spend $ 600 mm an acrylic complex, but still encounters difficulties to obtain licenses for the necessary technology, Gabrielli said.
The investments are part of $ 112 bn Petrobras has earmarked for spending in the 2008 to 2012 period.

Source / Dow Jones & Company
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