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Petrobras said to need US$5bn to finish Comperj complex

Bnamericas Published: Wednesday, June 15, 2016
Petrobras said to need US$5bn to finish Comperj complex

Brazil's state-run oil company Petrobras requires an additional US$5.3bn to complete its troubled Comperj petrochemical project in Rio de Janeiro, according to a media report.

Some US$2.8bn is needed for the complex's oil refinery and US$2.5bn for a natural gas processing unit, Folha de S.Paulo newspaper said on Tuesday.

In March, Petrobras said the project would be completed in 2023, 15 years after construction began.

Originally budgeted at US$6.1bn, the complex is now expected to cost US$19.6bn.

Work on the refinery was halted last year after Petrobras slashed spending on its downstream division to prioritize deepwater exploration and production projects.

The Rio de Janeiro-based firm has been ravaged by falling oil prices and a lingering corruption probe that has led to the arrest of several former employees.

Among them is Paulo Roberto Costa, who was responsible for approving the Comperj project during his time as refining and supply director.

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