Although the global economic downturn has turned a turning point, the recovery of the petrochemical industry is still a long-term process. In Latin America, where the financial crisis hit hardest, Brazil is taking advantage of its resources and financial environment to push forward large-scale development plans for the oil and chemical industries, with a view to quickly emerging from the shadows.
Petrochemical investment space is huge With the unique oil resources, the investment prospects for the Brazilian oil refining and petrochemical projects are promising. After decades of steady exploration, since 2007, Brazil has successively discovered several large-scale oil fields in the southeastern waters, which have transformed from the former oil importing countries to one of the major oil exporting countries in Latin America. Brazilian Minister of Energy and Mines Edison Lobon said that Brazil has rich oil and gas reserves along the coast and Brazil’s oil reserves are expected to be between 50 billion and 80 billion barrels. In the next 10 years, Brazil’s crude oil production will increase to 3.8 million barrels per day.
With the discovery of large oil fields, Brazil's oil refining industry has been unable to keep up with the pace of crude oil extraction. Petrobras has stepped up investment in petroleum refining projects. It is estimated that in order to achieve the oil exploitation plan formulated by the Brazilian government, Brazil needs to introduce approximately 210 billion U.S. dollars in funds over the next 10 years. The Comperj project for heavy crude oil refining and petrochemical integration is the largest single petrochemical investment project in the history of Petrobras, with a budget of US$8.5 billion. The project was once nearly shut down due to the financial crisis, but it is currently under construction as originally planned. It will be put into production in 2012. Among them, the refinery has invested 3 billion U.S. dollars, designed and processed a capacity of l50,000 barrels per day, and heavy crude oil; the petrochemical project has invested 3.5 billion U.S. dollars. After the completion of the first phase of the project, it will annually produce 1.3 million tons of ethylene, 880,000 tons of propane, and 600,000 tons of benzene. The second phase will build downstream production lines for styrene, ethylene glycol, polyethylene, polypropylene and terephthalic acid.
Strong combination of business opportunities highlights With the further expansion of the petrochemical market in Brazil, several major oil and chemical companies in Brazil began to brewing cooperation and mergers and acquisitions.
Braskem and Quattor are the two largest chemical companies in Brazil. Their sales revenues were 9.8 billion and 4.9 billion U.S. dollars last year. It is reported that with the strengthening of business cooperation, the two parties are expected to announce a merger in the near future, and the combined company will become the only polypropylene and polyethylene producer in Brazil.
In May of this year, Petrobras reached an agreement with Sinopec and the China Development Bank on oil exports and the introduction of foreign capital. The agreement stipulates that in the next 10 years, Petrobras will export 10 million tons of crude oil to China each year, and will receive US$10 billion in financing from the China Development Bank for oil exploration, refining and petrochemical projects. On October 30, Petrobras and Venezuelan Petroleum Corporation reached an agreement to jointly develop Brazil’s Abreu Lima refinery. The refinery’s total budget is US$12 billion and it is planned to be put into use in 2012. The crude oil processing capacity will be It reached 230,000 barrels per day.
Analysts said that with the deepening of internal and external cooperation among large companies in Brazil, several giants will further occupy the oil and chemical markets in Latin America and Latin America to attract more petrochemical project investment, and greatly promote the process of Latin American energy integration.
Bioethanol is on the rise Brazil is one of the earliest countries in the bioethanol industry and the main exporter of bioethanol. At present, bioethanol based on sugar cane has met 16% of Brazil’s energy needs, and the construction of a polyethylene project using bioethanol as raw material is also proceeding in an orderly manner. The Brazilian chemical company's bio-based polyethylene plant will be completed by the end of 2010. The project will have a total investment of 223 million U.S. dollars and will use sugar cane ethanol as raw material to produce 200,000 tons/year of polyethylene. Dow Chemical Company is currently looking for a partner in Brazil and plans to invest US$1 billion to build a 350,000-ton/year bio-based polyethylene plant. It is expected that 8 million tons of sugar cane will be processed each year after it is put into operation in 2011.
In addition, Brazil is actively researching and developing second-generation non-food bio-ethanol, using various bio-wastes, including wastes from bagasse, straw, and other agricultural product processing industries as raw materials for fuel ethanol, thereby greatly reducing the production cost of bio-ethanol and saving Planting sugar cane land. At present, Brazil has built three experimental cassava ethanol fuel plants, and is expected to put sugary cassava ethanol on the market in 2010. Petrobras has also planned to build Brazil's first plant cellulosic ethanol plant in 2011 and start commercial production of ethanol in 2015.
According to economists, under the leadership of a series of projects led by the local petrochemical giants, the petrochemical industry in Brazil will quickly emerge from the shadow of the financial crisis.
Petrochemical investment space is huge With the unique oil resources, the investment prospects for the Brazilian oil refining and petrochemical projects are promising. After decades of steady exploration, since 2007, Brazil has successively discovered several large-scale oil fields in the southeastern waters, which have transformed from the former oil importing countries to one of the major oil exporting countries in Latin America. Brazilian Minister of Energy and Mines Edison Lobon said that Brazil has rich oil and gas reserves along the coast and Brazil’s oil reserves are expected to be between 50 billion and 80 billion barrels. In the next 10 years, Brazil’s crude oil production will increase to 3.8 million barrels per day.
With the discovery of large oil fields, Brazil's oil refining industry has been unable to keep up with the pace of crude oil extraction. Petrobras has stepped up investment in petroleum refining projects. It is estimated that in order to achieve the oil exploitation plan formulated by the Brazilian government, Brazil needs to introduce approximately 210 billion U.S. dollars in funds over the next 10 years. The Comperj project for heavy crude oil refining and petrochemical integration is the largest single petrochemical investment project in the history of Petrobras, with a budget of US$8.5 billion. The project was once nearly shut down due to the financial crisis, but it is currently under construction as originally planned. It will be put into production in 2012. Among them, the refinery has invested 3 billion U.S. dollars, designed and processed a capacity of l50,000 barrels per day, and heavy crude oil; the petrochemical project has invested 3.5 billion U.S. dollars. After the completion of the first phase of the project, it will annually produce 1.3 million tons of ethylene, 880,000 tons of propane, and 600,000 tons of benzene. The second phase will build downstream production lines for styrene, ethylene glycol, polyethylene, polypropylene and terephthalic acid.
Strong combination of business opportunities highlights With the further expansion of the petrochemical market in Brazil, several major oil and chemical companies in Brazil began to brewing cooperation and mergers and acquisitions.
Braskem and Quattor are the two largest chemical companies in Brazil. Their sales revenues were 9.8 billion and 4.9 billion U.S. dollars last year. It is reported that with the strengthening of business cooperation, the two parties are expected to announce a merger in the near future, and the combined company will become the only polypropylene and polyethylene producer in Brazil.
In May of this year, Petrobras reached an agreement with Sinopec and the China Development Bank on oil exports and the introduction of foreign capital. The agreement stipulates that in the next 10 years, Petrobras will export 10 million tons of crude oil to China each year, and will receive US$10 billion in financing from the China Development Bank for oil exploration, refining and petrochemical projects. On October 30, Petrobras and Venezuelan Petroleum Corporation reached an agreement to jointly develop Brazil’s Abreu Lima refinery. The refinery’s total budget is US$12 billion and it is planned to be put into use in 2012. The crude oil processing capacity will be It reached 230,000 barrels per day.
Analysts said that with the deepening of internal and external cooperation among large companies in Brazil, several giants will further occupy the oil and chemical markets in Latin America and Latin America to attract more petrochemical project investment, and greatly promote the process of Latin American energy integration.
Bioethanol is on the rise Brazil is one of the earliest countries in the bioethanol industry and the main exporter of bioethanol. At present, bioethanol based on sugar cane has met 16% of Brazil’s energy needs, and the construction of a polyethylene project using bioethanol as raw material is also proceeding in an orderly manner.
In addition, Brazil is actively researching and developing second-generation non-food bio-ethanol, using various bio-wastes, including wastes from bagasse, straw, and other agricultural product processing industries as raw materials for fuel ethanol, thereby greatly reducing the production cost of bio-ethanol and saving Planting sugar cane land. At present, Brazil has built three experimental cassava ethanol fuel plants, and is expected to put sugary cassava ethanol on the market in 2010. Petrobras has also planned to build Brazil's first plant cellulosic ethanol plant in 2011 and start commercial production of ethanol in 2015.
According to economists, under the leadership of a series of projects led by the local petrochemical giants, the petrochemical industry in Brazil will quickly emerge from the shadow of the financial crisis.
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