Petrobras Rolls Out $56.4 Billion Investment Plan
Posted on: Friday, 28 October 2005, 03:01 CDT
By Anonymous
Brazil's state-run oil firm Petrobras recently announced a $56.4 billion business plan for 2006-2010 that targets increased oil and gas production and expanded refining capabilities.
Petrobras is setting aside $12.9 billion for downstream investments and $28 billion for upstream investments, according to the plan.
The company said its upstream investments will ensure Petrobras will supply 91% of Brazil's oil and gas needs next year.
According to company officials, downstream spending through 2010 targets fuel quality upgrades, which will involve construction of 12 diesel hydrotreaters, 11 gasoline hydrodesulfunzation units and two diesel hydrodesulfurization units.
Petrobras is also setting aside $1 billion for construction of a grassroots refinery, company officials said. Petrobras is looking to build a refinery in northeast Brazil with Venezuela's state-run oil firm PDVSA and Argentina's government.
Copyright Hart Energy Publishing, LP Oct 2005
Source: World Refining
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