Petrobras Says it will Invest $300 Million to Improve its Refineries

Reuters, May 24, 2021

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Brazilian oil company Petrobras said on Monday it will open another round of bidding for its Repar refinery in the state of Parana after receiving binding offers that were too similar in value.

Brazil’s Petrobras said on Monday in a securities filing that it will invest $300 million through 2025 to improve the efficiency of its refineries, an initiative the company is calling RefTOP.

Petrobras said the investment was accounted for in its 2021-2025 strategic plan, which has already been presented to shareholders.

(Reporting by Marcelo Rochabrun; Editing by Ed Osmond)

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