Brazil’s Petrobras says Comperj refinery/petchem project on track

14 March 2013 03:57  [Source: ICIS news]

CAMPINAS, Brazil (ICIS)--Brazil state-owned oil company Petrobras said on Wednesday its refinery and petrochemical project in Comperj is on schedule, dispelling a report about delays because of high production costs.

Brazilian newspaper Valor reported on Wednesday that petrochemical projects in the south American country – such as Petrobras’ Comperj project and the joint venture ethanol-based plastics project led by US’ Dow Chemical – are being derailed by high production costs.

Petrobras, however, said that its Comperj project schedule is “compatible with what was expected on [its] 2012-2016 business plan", the company said in a statement.

The state-owned energy company is targeting $236.5bn (€182bn) worth of investments during the five-year period, of which $65.5bn is earmarked for refining, transportation and commercialisation of oil derivatives.

Brazilian petrochemical firm Braskem, meanwhile, has yet to make a decision whether or not to invest on the project, a company spokesperson said.

Petrobras’ Comperj project, which is currently under construction, would include two refineries and a number of downstream petrochemical units that will produce ethylene, propylene, polyethylene (PE), polypropylene (PP) and other chemicals.

The first 165,000 bbl/day refining train at the site is due to start operations by 2015, while a bigger 300,000 bbl/day train is slated to start up by 2018.

($1 = €0.77)

By: Leo Siqueira
+1 713 525 2600

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