Petrobras will resurrect an abandoned billion-dollar project that promised to change Brazil: R$75 BILLION at stake and 30 THOUSAND jobs in sight

Petrobras surprises and announces the resumption of a billion-dollar project that had been on hold for almost a decade. Construction promises to redefine Brazil's economic panorama.

With an estimated investment of R$75 billion, the project aims not only revitalize oil and gas production in the country, but also generate around 10 thousand direct jobs and 20 thousand indirect jobs, significantly impacting the local and national economy.

A sleeping giant

The Gaslub Complex, formerly called the Rio de Janeiro Petrochemical Complex (COMPERJ), was initially designed to be one of the largest petrochemical complexes in the southern hemisphere. Launched in 2008, the project aimed to transform Brazil into a global power in the refining and petrochemicals sector, with a processing capacity of 165 thousand barrels of oil per day.

However, management problems, corruption scandals and the economic crisis that hit Brazil in the mid-2010s interrupted work in 2015, leaving the complex unfinished and with no prospect of completion.

In 2024, under new management and with a revised strategy, Petrobras announced the resumption of works, aiming to complete the complex by 2028.

The total investment of R$75 billion will be distributed over four years, with the majority of the resources destined for the completion of the Natural Gas Processing Unit (UPGN) and the construction of a new refinery.

Economic impact and job creation

One of the main attractions of the former COMPERJ is the promise of generating around 10 thousand jobs, both in the construction and operation of the complex. This not only relieves pressure on the local job market, but also boosts the economy of the Itaboraí region, where the complex is located.

With a population of around 240 inhabitants, Itaboraí saw its economy stagnate after work was halted in 2015, but now expects a significant revitalization with the resumption of the project.

In addition to direct jobs, Petrobras estimates that more than 20 thousand indirect jobs will be created along the production chain, ranging from raw material suppliers to logistics and transport services.

This represents a significant impact on the economy of the state of Rio de Janeiro, which has faced financial difficulties in recent years.

Petrobras' new strategy

The resumption of the former COMPERJ, now Polo Gaslub, is part of a broader strategy by Petrobras to expand its refining capacity and reduce dependence on imports of petroleum derivatives. With the complex's new refinery, Petrobras plans to increase the production of S-10 diesel and other high-quality fuels, in line with the demands of the domestic and foreign markets.

Another crucial point is the production of natural gas. With UPGN, Polo Gaslub will be able to process gas extracted from pre-salt fields, increasing the supply of natural gas in the Brazilian market. This movement is seen as essential to reduce dependence on more polluting fossil fuels, such as diesel and gasoline, and to strengthen the country's energy matrix, which is increasingly focused on renewable sources.

According to Petrobras, the complex will also contribute to reducing the cost of oil production in Brazil, making pre-salt exploration even more competitive on the international stage.

Currently, the cost of production in the pre-salt is one of the lowest in the world, and the expectation is that the Gaslub Hub will help to further reduce these costs, allowing Brazil to increase its share in the global oil market.

Financing and sustainability

The financing of the work will be done mainly with Petrobras' own resources, but the company also seeks partnerships with private investors and international financial institutions to ensure the project's viability. Furthermore, the Petrobras is committed to sustainability of Polo Gaslub, adopting cutting-edge technologies to minimize the environmental impact of the complex.

Innovations include carbon capture and storage (CCS), which will significantly reduce the complex's CO2 emissions, and the use of renewable energy to meet part of the Gaslub Hub's energy needs.

The company is also investing in environmental compensation programs and social projects in the Itaboraí region, seeking to ensure that the economic benefits of the project are accompanied by social and environmental gains.

The future of Polo Gaslub

With completion scheduled for 2028, the former COMPERJ has the potential to transform Brazil into one of the world leaders in the petrochemical sector.

However, significant challenges still need to be overcome, including the need to secure adequate financing and manage the risks associated with large infrastructure projects.

The question that remains is whether Petrobras will be able to fulfill the promises made and deliver a complex that, in fact, changes Brazil's economic direction.

With an investment of R$75 billion and the expectation of creating 10 jobs, Polo Gaslub is a big bet, but one that, if successful, could place Brazil in a prominent position on the global energy scene.