Petrobras and CNPC conclude that refinery construction at Comperj is not viable

Dec 11, 2019

Petrobras and China’s CNPC have ended talks on the possibility of building a refinery at Comperj in Itaboraí (RJ) after concluding that the project would not be economically viable, Petrobras president Roberto Castello Branco said on Wednesday.

The executive stressed that it “makes no sense” strategically for the company to invest in a new refinery, since the oil company is selling refining capacity in several states and already has a refinery in the state of Rio de Janeiro, which will be maintained.

“(Studies with CNPC) showed us that it is not economically viable … CNPC was not very interested in this project,” said Castello Branco, during a New Year’s Eve breakfast with the press at the company’s headquarters. , in Rio de Janeiro.

Construction of a refinery at Comperj was suspended after investigations by Lava Jato, which pointed to fraud involving project contracts.

Some of the equipment already in the project will eventually be used to build a lubricant unit on site, whose project is being prepared.

Source: Reuters

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