Brazil, Iran, India likely to build refinery, petchem plant in Brazil

According to media reports, Brazil, Iran and India are in the process of negotiating on building an oil refinery as well as a petrochemical plant at a location in Brazil, which is expected to make access to the Pacific Ocean and Asia easier via the Panama Canal.

The reports revealed that Iran is willing to participate in the investment of the project, which is said to require about $2.5 billion while India’s participation depends on the financing conditions.

Brazil has many oil reserves. However, its refining capacity is very limited. The country expects this project to decrease its dependence on refined oil imports and to improve the economy.