Petrobras heavily investing in refineries and exploration

Jan 13, 1997 01:00 AM

The board of Brazilian Petrobras has approved a project to invest R$ 800 mm to modernise the Reduc refinery over the next five years. Plans are to set up a new cracking unit to produce gasoline and diesel from fuel oil, and meet the increasing domestic fuels consumption. In 1996 fuels consumption was up by 6% while gasoline consumption by 15%. Petrobras is reorganising to cope with the deregulation of the Brazilian market. It has signed a letter of intentions with Mitsui, Marubeni, and Nissho Iwai to set up a $ 1.5 bn refinery in the Northeast. It is also negotiating joint ventures for oil exploration with Shell, Exxon, and YPF. Over the last four years the company's labour force was slashed from 51,600 to 43,800 employees, and crude barrel costs went down from $ 19,58 to $ 13,8. It has plans to invest R$ 3 bn in 1997, the same figure as of 1996, of which R$ 1 bn in infrastructure and the remainder in the exploration of reserves.

Source: not available
Alexander's Commentary

Change of face - change of phase

In the period of July 20 till August 3, 2015, Alexander will be out of the office and the site will not or only irreg

read more ...
« March 2021 »
March
MoTuWeThFrSaSu
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 31

Register to announce Your Event

View All Events