Petrobras (NYSE:PBR) announces that the modernization project for the Sabbá Isaac Refinery (Reman), in Manaus, is still in progress, as foreseen under the Company's 2009-2013 Business Plan.
The project will enable the refinery to produce diesel fuel and gasoline from domestic oil, pursuant to the environmental specifications required by the Brazilian legislation (CONAMA Resolution 315/2002).
The Reman refinery is already authorized to remove vegetation from the areas where the construction site will be built, and the Installation Permit is expected to be granted in August 2010, thus allowing the deployment of the infrastructure and final facility construction work to begin.
Reman's current production profile includes several products, among which LPG, petrochemical naphtha, gasoline, jet fuel, diesel fuel, fuel oils, oil for power generation, and asphalt.
The Companhia de Petróleo da Amazônia began its operations on September 6 1956, when the region was being impacted by the downturn in rubber extraction. In 1971, Petrobras took the company over and renamed it the Manaus Refinery (Reman). Later, in 1997, it was renamed in honor of the pioneering spirit of its founder, and from then on called the Isaac Sabbá Refinery - Reman.
This announcement is for informational purposes only and does not constitute an offer, invitation to or request for an offer for underwriting or purchasing any securities in Brazil or in any other jurisdiction and, therefore, should not be used as the basis for any investment decision.