Brazilian state-run energy giant Petroleo Brasileiro (PBR) will maintain its expected $8.5 billion Comperj petrochemical refinery in its strategic plan, the company's downstream director said Wednesday.

Quoted by the local Estado news agency, Petrobras' Paulo Roberto Costa said the budget for the plant will be "no higher, no lower" than previously planned.

According to Costa, Petrobras expects materials and equipment costs to decline because of the global economic slowdown. In addition, Costa said that any change in costs since the refinery was planned two years ago would be offset by inflation and foreign-exchange changes over that time.

"Any reduction or increase that could occur in the value will be minimized by these two factors," Costa said.

Partners in the Comperj refinery, which is under construction in Rio de Janeiro state, were still being defined, Costa said. So far, Petrobras will be joined by the Brazilian National Development Bank and local petrochemicals firm Ultra.

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