Petrobras Board approves incorporation of unit at Comperj Refinery

14-Dec-10
The Board of Brazil’s state-run energy giant Petroleo Brasileiro SA (Petrobras) has approved incorporation of two units at the Comperj refinery. With this, Comperj's basic petrochemicals and PET producing units will become operational units of Petrobras. Shareholders will vote to approve the change at a meeting that will be scheduled for a later date. Plans for the Comperj refinery have been altered by Petrobas because of high construction costs and global excess petrochemicals production capacity. The initial outlook for the Comperj refinery when it was first approved has seen changes in light of economics, market dynamics and costs, which led to a new configuration transforming Comperj in a new project comprising three steps and a new timeline. Petrobras faced glitches finding partners for the project, which was originally designed as a US$8.5 billion standalone petrochemicals plant
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