Americana Oil Group to Invest $2 Billion to Build Six Refineries in Brazil, With the First One at Porto do Açu, RJ

About $300 Million Will Be Invested in the Construction of the Refinery at Porto do Açu, Generating 2,000 Jobs at Peak Construction

With total investments of US$ 2 billion, the American Oil Group plans to build six small refineries in Brazil over the next seven years, with the first one at Porto do Açu. The announcement came amid a strong global economic downturn that has lowered oil prices and fuel consumption due to the COVID-19 pandemic. Mubadala Leads the Way with the Best Proposal for the Purchase of Petrobras’ RLAM Refinery

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The North Fluminense region, for decades the largest oil producer in the country, will finally get its refinery. The American company will construct the first of six planned small refineries at Porto do Açu, in São João da Barra, in the second half of next year.

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The director of Oil Group, Fabiano Diaagoné, stated that about $300 million will be invested in the construction of the refinery, which is expected to generate 2,000 jobs at peak construction. The refinery will have the capacity to process 20,000 barrels of oil daily, with the possibility of future expansion.

According to the executive, Brazil currently consumes diesel at a high scale, and Petrobras cannot meet the country’s demands with its production alone. For the company to supply 100% of the domestic market without imports, a 40% reduction in demand would be necessary.

“Our group is already investing in Brazil in oil exploration and production. We see this moment of low oil prices and crisis as an opportunity to structure refining. It’s a very interesting market niche for our projects”, Diaagoné said.

The American company plans to build four small units, with capacities ranging from 20,000 to 30,000 barrels per day, near ports, and two smaller units, from 3,000 to 5,000 barrels per day, close to land oil production.

Of the four larger units, in addition to the one in Rio, the installation of one in Espírito Santo and another in Maranhão are currently under feasibility studies. The fourth unit and the two smaller ones do not yet have locations, but studies are being conducted between Bahia and Sergipe.

Construction of Refineries in Brazil

Without funding from BNDES since 1953, private refineries have not been built in the country. In 2005, during the administration of former governor Rosinha Garotinho, the region embarked on a campaign for the establishment of a petrochemical hub and a Petrobras refinery, projects proposed to be installed in the locality of Guriri, near Serrinha, in Campos.

The competition with Itaguaí involved a movement sparked with the support of the mayors belonging to the Organization of Oil-Producing Municipalities (Ompetro), but the strategy did not succeed because then-President Luiz Inácio Lula da Silva decided to build the project in Itaboraí, where the Comperj (Petrochemical Complex of the State of Rio de Janeiro) is still being implemented.

The Comperj also faced discontinuity in its completion timeframe due to the “Petrolão” scandals. The investment for Comperj was estimated at the time by Petrobras to be US$ 9 billion.

Targeted by Operation Lava Jato, the Comperj will now be renamed. It will be called Gaslub Itaboraí, a strategy by Petrobras and private groups that took control of the resumption of the project to cleanse the petrochemical complex from the stain of corruption.