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Petrobras invests $4.8 billion to integrate Reduc and Boaventura

Petrobras, the Brazilian state-owned oil company, announced in a Thursday statement that it would invest 26 billion Brazilian reais (4.80 billion dollars) to integrate the Reduc refinery with the Boaventura complex of energy in Rio de Janeiro.

Petrobras stated in a statement that the new structure would increase production by 76,000 barrels of diesel per day and by 20,000 barrels of jet fuel.

Petrobras executives stated that the company plans to renovate a thermal plant in Reduc. The estimated cost is 860 million reais.

The statement also states that the investment will be 2.4 billion reais in maintenance stops at Reduc up until 2029.

Braskem, a Brazilian petrochemical company, announced that it was also planning to invest 4.3 billion reais in a polyethylene facility near Reduc. Petrobras owns

47% of voting share

Braskem.

Magda Chambriard, Petrobras' Chief Executive Officer, stated that the total investment by Petrobras and Braskem in petrochemicals as well as refining will be 33 billion reais.

The announcement is made a day before Brazil's president Luiz inacio Lula da silva's visit to Reduc where he'll present the new investment alongside Chambriard. Lula, who began his presidency in 2023 has been pushing Petrobras to invest more in order to create economic growth and jobs in the region.

Chambriard cited two cities from Rio de Janeiro as examples.

(source: Reuters)