Oil Group wants to invest in the construction of refineries in Brazil

The U.S.-based Oil Group announced that it plans to build six small refineries in Brazil, with total investments of $2 billion, over the next seven years. The company's director, Fabiano Diaagoné, told O Globo that the first unit will be in the Port of Açu, in northern Rio de Janeiro. 

According to Oil Group, the refinery, which is expected to be built in the second half of 2021, will receive $300 million in investments and, at the peak of construction, is expected to generate 2,000 jobs. In addition, it will have the capacity to process 20,000 barrels of oil per day, with the possibility of expansion. 

"Today Brazil consumes diesel on a large scale, and Petrobras cannot supply the country only with its production. For the company to supply 100% of the domestic market without imports would require a 40% reduction in demand", said the executive. 

According to Diaagoné, Oil Group does not intend to seek resources from BNDES to finance its projects, but with foreign development banks and investment funds.


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