Petrobras unveils refineries plan

Date added: 26th August, 2008 at 09:27 (view all articles from August, 2008)

Categories: Economy

Brazil's state-owned oil company Petrobras has unveiled plans to build five new refineries during the next nine years.

No refineries have been constructed in Brazil since 1980 and Petrobras officials believe that is one of the reasons the country is a net importer of oil products, reports AFP.

It is hoped that the new facilities will change that by enabling the company to increase its production of oil derivatives for both the domestic and export markets.

Petrobras has confirmed it will invest at least $112 billion (£60 billion) in the project during the next five years.

The scheme is likely to prove a major boost to the economy in the areas where the refineries are built, with jobs being created during the construction phase, at the facilities themselves and in support industries.

One of the new refineries is to be built on Ceara's Atlantic coast in the Port of Pecem, reports Brazzil Mag.

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