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Initiatives Were Interrupted Due to Investigated Suspicions by Operation Lava Jato; New Investments Total Nearly R$ 19 Billion.
Petrobras has taken new steps in the resumption of two of the largest refining projects in the country: the Abreu e Lima Refinery in Pernambuco, and the former Petrochemical Complex of Rio de Janeiro, now renamed Boaventura Energy Complex. Both projects had been halted in recent years due to investigations by Operation Lava Jato, which uncovered a corruption scheme involving contractors and former executives of the state company.
With the new advancements, Petrobras aims to reactivate strategic works that consumed billions in investments but were stalled due to legal, structural, and reputational impasses.
Abreu e Lima Refinery Will Have Doubled Refining Capacity
Located in Ipojuca, on the coast of Pernambuco, the Abreu e Lima Refinery was one of the main targets of Operation Lava Jato investigations, especially after the testimony of former Petrobras director Paulo Roberto Costa. The project, initiated in 2005, suffered successive delays, cost revisions, and corruption allegations.
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Now, with the conclusion of the bidding for three construction lots, the state company will invest R$ 4.9 billion to complete the second unit of the refinery, which will double its refining capacity from 130,000 to 260,000 barrels per day. The expectation is that the unit will produce about 75,000 barrels of diesel, 20,000 of jet fuel, and 12,000 of lubricating oils daily.
The Federal Court of Accounts (TCU), which closely monitored the progress of the project, classified it as a “billion-dollar commercial failure” after identifying planning and execution flaws that compromised costs and timelines. Nonetheless, Petrobras maintains the projection of positive returns based on the current stage of the work and the fuel market.
Boaventura Energy Complex Will Receive R$ 14 Billion
The former Comperj (Petrochemical Complex of Rio de Janeiro), the project located in Itaboraí, metropolitan region of Rio, has been renamed the Boaventura Energy Complex. The name change marks a new phase of the project, which was also at the center of the allegations investigated by Operation Lava Jato.
Petrobras reported that it received proposals for six construction lots at the site, totaling around R$ 14 billion in investments. The results of the bidding still depend on negotiations with the consortia that submitted the best offers.
The state company anticipates the generation of approximately 10,000 direct jobs during the construction phase. The new complex will focus on the integration of energy sources, maintaining part of the petrochemical structure and making room for the development of new segments, including the production of fuels with lower environmental impact.
Investigated Companies Return to Compete for Public Contracts
Companies such as Odebrecht, Andrade Gutierrez, and Queiroz Galvão, which had been barred from contracting with the public administration after the developments of Operation Lava Jato, have returned to participate in the bidding for Petrobras projects. The reintegration of these contractors was only possible after signing leniency agreements with the federal government, allowing their rehabilitation in the market.
As a result, Petrobras has started to include major construction companies in the contracting process for large-scale works once again, with stricter compliance and control rules.
Petrobras Strengthens Focus on Refining Projects
During a recent event with President Luiz Inácio Lula da Silva, Petrobras reaffirmed the importance of completing the two projects as part of its strategy to strengthen refining infrastructure in the country. The works were approved earlier in 2023, during Jean Paul Prates’ management, and gained new momentum starting in May 2024, with the opening of the bidding.
According to the company, the resumption of the Abreu e Lima Refinery and the Boaventura Energy Complex aligns with the policy of expanding refining capacity and reducing dependence on imported derivatives. The expectation is that the projects will also contribute to the economic recovery of the regions where they are located, generating jobs and boosting local production chains.
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Source: Revista Oeste
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