Petrobras (PETR4) announced on Monday (13) that its board of directors approved investments of R$ 61 billion for work on a fertilizer unit and the expansion of oil and gas production.
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Petrobras (PETR4) announced this Monday (13) that its board of directors approved investments of R$ 61 billion for work on a fertilizer unit and the expansion of oil and gas production. According to a market announcement, the company will resume work on the Nitrogen Fertilizer Unit (UFN-III), located in Três Lagoas, Mato Grosso do Sul, with an estimated investment for completion of around US$ 1 billion. The start of commercial operations is scheduled for 2029. The decision comes after pressure from President Luiz Inácio Lula da Silva for the state-owned company to resume fertilizer production, as well as at a time when the country seeks to reduce supply risks amid the war in the Middle East, which threatens deliveries of an important source of fertilizer imports. Seap Project The oil company's board also approved R$ 60 billion in new investments for the Sergipe Deep Waters (SEAP) project, consolidating the initiative as a new frontier for oil and gas exploration in the country. ...