Petrobras delays Comperj refinery startup to 2016

By JEFF FICK

RIO DE JANEIRO -- Brazil oil company Petroleo Brasilerio, or Petrobras, expects its Comperj refinery to start operations in August 2016, more than a year later than planned.

Speaking during an event Friday, Petrobras CEO Maria das Gracas Foster said environmental license issues and changes to the refinery's design were the reasons for the delay.

Comperj previously expected to start processing crude oil in April 2015.

The Comperj refinery will have installed capacity to process 165,000 bpd of crude oil when it enters operation, according to the company. A second phase, previously expected to be completed by 2018, would double capacity.

When completed, the refinery would ease Petrobras's dependence on expensive fuel imports that have undercut the company's profits over the past two years.

Petrobras's refineries are operating at 98% capacity and unable to meet growing demand for gasoline and diesel fuel in Latin America's largest economy, forcing the company to import gasoline and diesel to meet demand.


Dow Jones Newswires

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