Petrobras creates six subsidiaries for Brazil’s Comperj

05 February 2009 22:06  [Source: ICIS news]

SAO PAULO (ICIS news)--Brazil’s Petrobras has created six subsidiaries as part of the development of Comperj (Complexo Petroquimico do Rio de Janeiro ), the company said on Thursday.    

Petrobras said it will initially detain 100% of the voting shares of all six subsidiaries.

“This model aims at capturing the synergies of various companies located within the same production site. Assets, obligations and rights regarding Comperj will be transferred by Petrobras to these partners at the most appropriate timing,” the company said.   

Investments in Comperj, due to come on stream in December 2012, should total some $8.5bn (€6.6bn).

The project includes a 150,000 bbl/day basic petrochemicals unit and eight resins plants. The complex should also increase Brazil’s heavy oil refining capacity.

($1 = €0.78)

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By: Hellen Berger
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