Brazil agency alleges price overruns at Petrobras refinery project

01 December 2012 00:13  [Source: ICIS news]

CAMPINAS, Brazil (ICIS)--Brazil's Tribunal de Contas da Uniao (TCU) said on Friday that there could be cost overruns at the Abreu e Lima refinery being built by Petrobras.

Petrobras did not immediately respond to a request for comment.

However, according to a report on the Brazilian Senate's website, the state oil company had reiterated that its procedures are correct.

Earlier this week, the country's Senate said the TCU found alleged irregularities in the price of the contracts of the Abreu e Lima refinery project, adding Petrobras was overpricing its contracts by Brazilian reais (R) 1.3bn ($619m, €477m).

According to TCU fillings, there was also evidence of possible price overruns at Petrobras's Comperj project. 

($1 = R2.10)
($1 = €0.77)

By: Leo Siqueira
+1 713 525 2600

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