Brazil Comperj delay possible - Petrobras

05 December 2008 21:59  [Source: ICIS news]

Petrobras president Jose Sergio GabrielliSAO PAULO (ICIS news)--A delay in the Brazil Comperj petrochemical project in Rio de Janeiro state was possible, the president of Petrobras said on Friday, but he did not elaborate.

A change in the Comperj (Complexo Petroquimico do Rio de Janeiro) project schedule “could be possible” Petrobras president Jose Sergio Gabrielli said on the sidelines of the 13th Annual Chemical Industry Meeting, sponsored by Brazilian Chemical Industry Association (Abiquim).

Gabrielli did not elaborate on the status of the project.

Funding for the proposed integrated petrochemical complex, initially planned to be completed in 2012-2013, could prove a challenge as concerns about falling demand and access to financing grow worldwide, according to Walter de Vitto, a gas, energy and oil analyst for Sao Paulo-based Tendencias Consultoria. 

Petrobras is re-evaluating all of its projects, according to the company.

Petrobras said in August it was in talks with Indian industrial group Reliance Industries for a joint venture at Comperj and a petrochemical unit in Suape port, Pernambuco state. 

However, Petrobras's second-generation petrochemical process manager Luiz Fernando Leite said Reliance had “paused to re-analyse current market conditions".

The $8.4bn (€6.6bn) Comperj (Complexo Petroquimico do Rio de Janeiro) project would refine 150,000 bbl/day of heavy crude when comes on stream in 2012-2013.

Comperj would group a basic petrochemicals unit and a series of downstream units to produce products such as styrene, ethylene glycol, polyethylene (PE), and polypropylene (PE).

Petrobras said it would reveal its investment plans later this month.

($1 = €0.78)

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By: Hellen Berger
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