The board of Brazil’s Petrobras has voted to restart limited work at its idled refinery in Rio de Janeiro, but decided to cancel the proposed second processing train and lubricants plant at the complex, reported ICIS News.
The original plans were to construct a massive petrochemical complex that would have been the largest Latin American chemical complex ever built, two refineries, a world-scale cracker, and several downstream units.
The state-controlled energy giant announced that the decision was taken during a re-evaluation of the project. The company agreed to resume the work on units associated to Comprej’s $2b natural gas processing plant and to postpone spending on the first 165,000b/d processing train until December 2020. In the meantime, the company will be putting a lot of efforts in attracting partners that are willing to invest in the processing train project.
According to Reuters, Petrobras has also decided to sell its voting control of Petrobras Distribuidora SA after a bidding round for a minority stake in fuels had failed to attract the bids that the company required.