Brazil Petrobras faces obstacles in Premium I refinery completion

28 February 2013 20:37  [Source: ICIS news]

CAMPINAS, Brazil (ICIS)--Brazil state-run oil company Petrobras is facing a "certain financial difficulty" in completeing works at its Premium I refinery in the city of Bacabeira, Maranhao, a government official said on Thursday.

According to the government's news agency, Petrobras CEO Maria Foster is in China looking for partners.

"There's certain financial difficulty for Petrobras. The president [Maria Foster] went to China to complete a negotiation with a great state-run company, so it may associate to Maranhao refinery and complete it with these resources," said Edison Lobao, Brazil's mines and energy minister.

Lobao said the construction of this and other refineries, such as Pernanbuco's Abreu e Lima and Rio's Comperj, are important for the country to reduce its diesel and gasoline imports.

"This project can't be over because it is a need for the country. We are importing gasoline and diesel in great amounts, not because we don't have oil, but because we don't have refineries," he said.

Despite recognising the financial obstacles Petrobras is facing, the minister said the invitation to go to Asia came from China.

By: Leo Siqueira
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