March 8, 2018 / 6:32 PM / 2 months ago

Petrobras to invest 137 mln reais in Sao Paulo refinery

SAO PAULO, March 8 (Reuters) - Brazil’s state-run oil company Petroleo Brasileiro said on Thursday that it will invest 137 million reais ($42 million) this year in the Presidente Bernardes refinery in the industrial hub of Cubatao, about 40 kilometers (25 miles) southeast of metropolitan Sao Paulo.

The money will go toward improving operation efficiency in the unit and is part of the company’s overall 2018-2022 investment plans, Petrobras said in a statement. The refinery has the capacity to process 27 million liters of petroleum per day, which is 8 percent of Brazil’s overall refining output.

$1 = 3.2586 reais Reporting by Jose Roberto Gomes; editing by Diane Craft

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