Increased cost estimates for construction of Comperj petrochemical project

Brazil’s Petroleo Brasileiro SA (Petrobras) could see a rise in cost estimates for the construction of the Comperj petrochemical refinery project from the previous US$8.5 bln. The costs are expected to increase as a result of readjustments in the price of equipment and services. The refinery is part of Petrobras' recently announced US$174.4 bln, 5 year investment plan which includes five new refineries to boost output. Comperj is expected to commence operation in 2012 and will process 150,000 bpd of heavy oil from the Campos Basin. Petrochemicals output will include polyethylene, polypropylene, PTA, PET, ethylene glycol and styrene. The basic petrochemical unit will also produce petroleum coke, sulfur, heavy naphtha and benzene, as well as diesel oil and petrochemicals feedstock.
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