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South Korea's GS Energy Corporation is interested in building new petrochemical capacity at a refinery site in northeastern Brazil.
In June, Brazil's state-run oil company Petrobras (NYSE: PBR) signed a letter of intent with GS Energy Corporation for a possible joint venture in the US$5.5bn Premium II refinery project in the northeastern state of Ceará.
According to a regional press report, citing a regional politician, GS Energy is also interested in using products from the refinery as feedstock to produce petrochemicals for export.
The company is analyzing the production of polyethylene, polyurethane and others.
The investment would represent the startup of a petrochemical cluster in the state, along the lines of the petrochemical investments being made around the Abreu e Lima refinery in Pernambuco, another northeastern state.
The governor of Ceará will hold a meeting with GSE in South Korea on July 7, according to the report.
The Premium II refinery was originally earmarked to be ready in 2017 but was last year pushed back to mid-2018.
Located in the municipality of Caucaia, 50km from Fortaleza, Premium II will have a production capacity of 300,000b/d.