Petrobras to Spend $20B on refineries

Petrobras to Spend $20B on refineries

Brazil’s state-run oil company Petrobras plans to spend more than $20 billion to build two new refineries.

The media reports say the two new refineries are expected to begin operating in 2015 and will produce high grade derivatives for export.

The investment plans were announced by Petrobras president Jose Sergio Gabrielli.

The company plans to nearly double its refining capacity to 3.6 million barrels per day by 2015.

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