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Petrobras announces more than R$33 billion in investments

Petrobras announces more than R$33 billion in investments

Contributions will expand fuel production, reinforce decarbonization and boost the petrochemical sector in RJ

Petrobras will invest more than R$33 billion in refining and petrochemical projects in Rio de Janeiro over the next few years. The package includes everything from modernizing operational units to producing renewable fuels and new thermoelectric plants. According to the state-owned company, the projects are expected to generate more than 38,000 direct and indirect jobs in the state.

The total planned investment is divided between R$29 billion of Petrobras' Capex and R$4 billion relating to a partner project that works in synergy with the state-owned company's assets.

The largest investment, of R$26 billion, will be earmarked for the integration of the Duque de Caxias Refinery (Reduc) and the Boaventura Energy Complex in Itaboraí. The goal is to expand the production of S-10 diesel, aviation kerosene (QAV), lubricants and sustainable fuels such as BioQAV, HVO and SAF.

The contributions were detailed during a ceremony held on the morning of Thursday (4/7), at Reduc, with the presence of President Luiz Inácio Lula da Silva, ministers and authorities from the energy and ports sector.

The new structure is expected to increase diesel production by 76,000 barrels per day, 56,000 of which are due to quality changes and 20,000 of which are additional capacity. It is also expected to increase QAV production by 20,000 barrels per day and group II lubricants by 12,000.

The Boaventura Complex is planning to build a plant dedicated to the production of renewable fuels with a capacity of 19,000 barrels per day. Two natural gas-fired thermoelectric plants are also to be built on the site, in synergy with the Natural Gas Processing Unit (UPGN) in Itaboraí.

Petrobras is also evaluating a project to reuse used oils at Reduc. The idea is to convert existing units to re-refining waste, within the logic of the circular economy. The co-processing test with corn oil was authorized by the ANP and should take place this year.

According to the state-owned company, Reduc will also expand its production of fuels with renewable content. The refinery already produces Diesel R5, with 5% renewables, and has been authorized to begin testing with Diesel R7. SAF production through co-processing is expected to begin in the coming months, with a capacity of up to 10,000 barrels per day.

Other projects

The construction of a new thermoelectric plant at Reduc is also planned, with an estimated investment of R$860 million, to replace old equipment and increase the plant's energy efficiency. Between 2025 and 2029, the refinery is also expected to undergo scheduled maintenance shutdowns that could total up to R$2.4 billion.

In the petrochemical sector, Petrobras is studying projects to produce acetic acid and monoethylene glycol (MEG) in Itaboraí. Brazil currently depends on imports of these products. Braskem, a Petrobras subsidiary, also plans to invest around R$4 billion in expanding its polyethylene plant, increasing capacity by up to 230,000 tons per year. The project is subject to internal approval by the company.

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