Brazil’s Petrobras sets record for preventive maintenance shutdown investment in 2021

RIO DE JANEIRO, BRAZIL – Petrobras (PETR3; PETR4) set a record for investments in preventive maintenance shutdowns in its refining park in 2021, with spending of R$2.3 billion (US$423 million).

Despite several scheduled maintenance stoppages, Petrobras reached an average of 83% of total utilization factor of its refineries in 2021, the highest rate in the last 5 years, illustrating the efficiency gains in the management of its units.

The state-owned company is in the process of selling part of its refinery park. Of the 8 units put up for sale in 2019, 3 have been sold: Rlam in Bahia; Six in Paraná; and Reman in Amazonas.

Petrobras said it plans an even bigger challenge for 2022, in which it is expected to spend around R$2.5 billion in unit maintenance shutdowns at its refineries, which will involve some 4,500 items of equipment.

In its 2022-2026 Strategic Plan, US$6.1 billion in investments in refining are foreseen over the next 5 years. One of the planned projects is to expand production capacity, particularly for high quality products, such as S-10 diesel.

The Strategic Plan includes 3 major expansion projects: the completion of the second unit (train) at the Abreu e Lima Refinery – Rnest, which will raise S-10 diesel production capacity by 95,000 barrels per day; the integration between the Duque de Caxias Refinery (Reduc) and GasLub Itaboraí, with additional capacity of 93,000 barrels per day of S-10 diesel and aviation kerosene (QAV) and 12,000 barrels per day of higher quality lubricants; a new hydrotreatment unit at Replan.

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