Engineering News

Gabrielli: $20B Price Tag for New Refineries
Thursday, June 05, 2008

The price tag for two new oil refineries planned by Brazilian state-run energy giant Petroleo Brasileiro SA (PBR), or Petrobras, is $20 billion, Petrobras President Jose Sergio Gabrielli said Thursday.

The construction of the refineries will be completed by 2015, according to Gabrielli, who was speaking before a government committee on infrastructure development.

One of the refineries is likely to be located in northeastern Brazil, although an exact location hasn't yet been picked. That refinery is expected to produce 600,000 barrels a day of premium oil products, such as gasoline and diesel fuel, for export. Details on the second refinery haven't yet been released by Petrobras.

Petrobras plans to boost its refining capacity to 3.6 million barrels a day by 2015 from current capacity of 1.9 million barrels a day.

As of 1750 GMT, Petrobras' common shares were up 2.8% at 55 reals ($33.65), while the company's preferred shares were up 2.72% at BRL46.50.

Source: Dow Jones Newswires

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