By JEFF FICK
RIO DE JANEIRO -- Brazilian state-run energy giant Petroleo Brasileiro, or Petrobras, expects to bring the first of its new refineries on stream in November 2014, the company said Wednesday.
The first processing train of the refinery joint venture with Venezuela's Petroleo de Venezuela SA, or PdVSA, will be followed by a second line in May 2015.
The refinery will add 230,000 bpd of processing capacity, Petrobras said.
Petrobras currently processes about 2 million bpd at 12 refineries, downstream director Jose Carlos Cosenza said during a presentation.
Petrobras will invest $71.6 billion in its downstream operations through 2016. The investments are part of the company's $237 billion spending plan for 2012-2016.
Dow Jones Newswires