RIO DE JANEIRO (Dow Jones)
Brazilian state-run energy giant Petroleo Brasileiro (PBR) will make a concrete decision on the construction of two premium fuel refineries in December, the company's downstream director said Tuesday.
Petrobras' Paulo Roberto Costa told the local Estado news agency that the final decision on the $30 billion refineries will be included in the company's 2009-2013 strategic plan, which was delayed until December.
"Only then are we going to have something definite," Costa said.
Costa, however, was adamant that construction of the two refineries - which will export high-quality diesel and jet fuel to the U.S. and Europe - will go forward.
"They are not going to be canceled," Costa said.
According to Costa, the ongoing global financial crisis has caused Petrobras to move cautiously in evaluating its investment plans. Two refineries currently under construction, the Comperj petrochemical complex in Rio de Janeiro and the Abreu e Lima refinery in Pernambuco, were guaranteed to be built, Costa said.
Petrobras is in the midst of an effort to expand its refining capacity to 3.6 million barrels a day by 2015. The company currently processes about 1.9 million barrels a day.
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