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Downstream Expansion
in Latin America
Paulo Roberto Costa
Petrobras Downstream Executive Officer
LONDON, UK. June 2010
Wor...
2
DisclaimerDisclaimer
The presentation may contain forecasts about future events. Such forecasts
merely reflect the expec...
Overview of Latin America
macroeconomic indicators
Brazil & Latin America: Real GDP Growth (Y-on-Y; % Change)Brazil & Latin America: Real GDP Growth (Y-on-Y; % Change)
Sourc...
80.00
90.00
100.00
110.00
120.00
130.00
Sep-05
Mar-06
Sep-06
Mar-07
Sep-07
Mar-08
Sep-08
Mar-09
Sep-09
Mar-10
Consumer Con...
Development of downstream
markets: key strategies
Oil and Liquids Production, Proved Reserves
and Consumption
Oil and Liquids Production, Proved Reserves
and Consumption
7
...
Oil Production (MM bpd)Oil Proved Reserves (Billion Barrels)*
Refinery Capacity (MM bpd)
10,1
2,0
3,0
9,8
2009 2014
Latin ...
Brazilian Oil Market Slate Vs International Markets (2009)Brazilian Oil Market Slate Vs International Markets (2009)
Sourc...
Latin America Oil Demand by ProductLatin America Oil Demand by Product
Over the next 5 years, total demand for oil product...
Evolution of Unit Sales of Vehicles – By Fuel In BrazilEvolution of Unit Sales of Vehicles – By Fuel In Brazil
Source: ANF...
23,3%
50,9%
8,2%
13,7%
3,4%
0,5%
Pure Gasoline
Anhydrous Ethanol
Hydrated Ethanol
Natural Gas
Biodiesel
Diesel
Gasoline C:...
GASOLINE
34 51 56 43 34 48 46 64 45 43
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
DIESEL
99 112 109
64 45 36 51 70 ...
Fast Growing Domestic DemandFast Growing Domestic Demand
Strong market growth for basic products in 2009‐2020.
Higher prof...
Potential Market of Otto Cycle FuelsPotential Market of Otto Cycle FuelsThous.cu.mofgasolineequivalente
Gasoline C: 25% Et...
Refinery Utilization – Latin America and BrazilRefinery Utilization – Latin America and Brazil
Source: Pira and Brazil's N...
Vertically Integrated System to Capture Synergies
within the Value Chain
Vertically Integrated System to Capture Synergies...
Enhancing ReservesEnhancing Reserves
Santos Pre-Salt announced recoverable volumes, can
almost double Brazilian reserves.
...
Petrobras Total Production (k bpd)
Pursuing New Projects while Maximizing Production
from Existing Assets
Pursuing New Pro...
Petrobras’ Refining InfrastructurePetrobras’ Refining Infrastructure
As Petrobras continues to grow its upstream 
business...
1Q10 (k bpd)1Q09 (k bpd)
Significant Improvements in the Trade BalanceSignificant Improvements in the Trade Balance
Positi...
Focused Strategy to Add Value to Domestic CrudeFocused Strategy to Add Value to Domestic Crude
Expand refining capacity
in...
76%
6%6%
12%
Refining
Pipelines & Terminal
Transport
Ship Transport
Petrochemicals
Investing During 2010-2014 to Realize T...
Domestic Crude as a Percentage of Total Feedstock Processed
91%
79%78%
80%80%
76%
2001 2003 2005 2007 2009 2020
Petrobras’...
3,012
2,260
1,7911,779
2008 2009 2010 2011 2012 2013 2014 2020
RNE
230 tho.
bpd
2013
Comperj
165 tho.
bpd
1st Fase
2013
Do...
Domestic Refining Greenfields Capacity AdditionsDomestic Refining Greenfields Capacity Additions
Diesel (64%), LPG (3%), N...
0
200
400
600
800
1.000
1.200
1.400
2010 - 2014
Distilation Capacity Conversion Capacity Hydrotreating Capacity
K bpd
Dome...
CDU Capacity and Petroleum Demand – Latin America
and Brazil
CDU Capacity and Petroleum Demand – Latin America
and Brazil
...
-
1,000
2,000
3,000
4,000
5,000
6,000
2005 2006 2007 2008 2009 2010 2014
Conversion Capacity - Brazil Conversion Capacity ...
0
100
200
300
400
500
600
700
800
900
2010 2011 2012 2013 2014
Others (Less Likely)
Trinidad and Tobago (Less Likely)
Vene...
-100
0
100
200
300
400
500
600
700
800
900
2010 2011 2012 2013 2014
Others (Less Likely)
Trinidad and Tobago (Less Likely)...
UruguayArgentina
Chile
Paraguay
Brazil
Venezuela
Colombia
Ecuador
Peru
Bolivia
Mexico
Source: IFQC, PFC and Petrobras
Gaso...
New Vessels: Investments in Marine TransportNew Vessels: Investments in Marine Transport
Besides Petrobras Investments in ...
DOWNSTREAM PETROCHEMICALS
Comperj: Contributing to Petrobras Value ChainComperj: Contributing to Petrobras Value Chain
Pro...
Running our business with operational excellence, capital discipline and sound 
returns
Safe, reliable, and environmentall...
www.petrobras.com.br
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Paulo roberto's presentation slides from the 2010 World National Oil Companies Congress

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Paulo roberto's presentation slides from the 2010 World National Oil Companies Congress that took place in June in London.

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Transcript of "Paulo roberto's presentation slides from the 2010 World National Oil Companies Congress"

  1. 1. Downstream Expansion in Latin America Paulo Roberto Costa Petrobras Downstream Executive Officer LONDON, UK. June 2010 World National Oil Companies Downstream Congress
  2. 2. 2 DisclaimerDisclaimer The presentation may contain forecasts about future events. Such forecasts merely reflect the expectations of the Company's management. Such terms as "anticipate", "believe", "expect", "forecast", "intend", "plan", "project", "should“ and "seek", along with similar or analogous expressions, are used to identify such forecasts. These predictions evidently involve risks and uncertainties, whether foreseen or not by the Company. Therefore, the future results of operations may differ from current expectations, and readers must not base their expectations exclusively on the information presented herein. The Company is not obliged to update the presentation/such forecasts in light of new information or future developments. The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms in this presentation, such as oil and gas resources, that the SEC’s guidelines strictly prohibit us from including in filings with the SEC. CAUTIONARY STATEMENT FOR US INVESTORS
  3. 3. Overview of Latin America macroeconomic indicators
  4. 4. Brazil & Latin America: Real GDP Growth (Y-on-Y; % Change)Brazil & Latin America: Real GDP Growth (Y-on-Y; % Change) Source: Global Insight The Brazilian Economy has weathered the global economic slowdown with remarkable  resiliency.  It is expected to rebound strongly in 2010. 4 -4.00 -2.00 0.00 2.00 4.00 6.00 8.00 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 % Brazil Latin America Latin America + Mexico Forecast
  5. 5. 80.00 90.00 100.00 110.00 120.00 130.00 Sep-05 Mar-06 Sep-06 Mar-07 Sep-07 Mar-08 Sep-08 Mar-09 Sep-09 Mar-10 Consumer Confidence Index Brazil’s Consumer Confidence Index (2005 = 100)Brazil’s Consumer Confidence Index (2005 = 100) Econom ic Recovery Starts Consumer confidence signaled an economic turning point for the Brazilian economy in  April/2009. The index shows how Brazilian consumers have been perceiving the country  performance with respect to the current world economic crisis. Source: FGV (Brazil) 5
  6. 6. Development of downstream markets: key strategies
  7. 7. Oil and Liquids Production, Proved Reserves and Consumption Oil and Liquids Production, Proved Reserves and Consumption 7 Source: BP Statistical Review 2010 The  geography of oil: consumers, producers, and reserve owners. 0 % 2 0 % 4 0 % 6 0 % 8 0 % 10 0 % 12 0 % 1 Total Asia Pacific Total North America Total Europe & Eurasia Total Middle East Total S. & Cent. America Total Africa Oil: Consumption - 2009 31% 27% 23% 8% 7% 4% 0% 25% 50% 75% 100% Oil: Proved Reserves - 2009 3% 5% 10% 57% 15% 10% 0% 25% 50% 75% 100% Oil: Production - 2009 10% 17% 22% 30% 8% 12% 0% 25% 50% 75% 100%
  8. 8. Oil Production (MM bpd)Oil Proved Reserves (Billion Barrels)* Refinery Capacity (MM bpd) 10,1 2,0 3,0 9,8 2009 2014 Latin America and Brazil Key Oil IndicatorsLatin America and Brazil Key Oil Indicators Latin America Brazil Oil Demand (MM bpd) 7,9 2,0 2,7 9,4 2009 2014 Latin America Brazil 7,4 8,3 1,9 2,4 2009 2014 Latin America Brazil 210,6 14,16 2009 Latin America Brazil Source: Woodmackenzie, Cera, Pira, BP(2010) and Petrobras *Proved Reserves of Crude Oil and NGL Pre‐salt estimates will add up to 16 bn boe 8 * Firm + Probable *
  9. 9. Brazilian Oil Market Slate Vs International Markets (2009)Brazilian Oil Market Slate Vs International Markets (2009) Source: BP Statistical Review 2010 and Brazil's National Petroleum Agency (ANP) During the last 3 years, gasoline market in Brazil have been contested by ethanol and  vehicular natural gas.  The Brazilian investment program, focused on increasing conversion, aims to reduce  fuel oil production and reduce middle distillates deficit. 9 49% 28% 3% 20% 22% 50% 10% 19% 22% 32% 25% 21% 23% 44% 14% 19% 28% 38% 8% 27% 38% 31% 10% 20% 32% 36% 14% 18% 28% 54% 5% 13% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% US Europe Middle East Africa China Japan Latin America Brazil* Light distillates Middle distillates Fuel oil Others
  10. 10. Latin America Oil Demand by ProductLatin America Oil Demand by Product Over the next 5 years, total demand for oil products in Latin America will increase  2,31% p.y., while diesel demand will rise by 3,41% p.y. and jet by 2.85% p.y.. Gasoline demand is expected to increase by 2,18% p.y. between 2009 and 2014.  10 Latin America Demand Profile 0 1000 2000 3000 4000 5000 6000 7000 8000 9000 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Gasoline Naphta Jet Diesel/Gasoil Fuel Oil LPG Other k bpd
  11. 11. Evolution of Unit Sales of Vehicles – By Fuel In BrazilEvolution of Unit Sales of Vehicles – By Fuel In Brazil Source: ANFAVEA Gasoline or Ethanol or both? The decision lies in consumer choice. High flex‐fuel share in total vehicle sales show the huge potential for competition  between ethanol and mogas in the near future.   11 0 500 1,000 1,500 2,000 2,500 3,000 3,500 2005 2006 2007 2008 2009 2010(*) Thousand Cars DIESEL ETHANOL FLEX FUEL GASOLINE * Total sales until April 2010
  12. 12. 23,3% 50,9% 8,2% 13,7% 3,4% 0,5% Pure Gasoline Anhydrous Ethanol Hydrated Ethanol Natural Gas Biodiesel Diesel Gasoline C: Gasoline + Anhydrous Ethanol 23.3 + 8.2 = 31.5% Diesel (Total) 50.9 + 0.5 = 51.4% Ethanol (Total) 8.2 + 13.7 = 21.9% Brazilian Vehicular Fuel MatrixBrazilian Vehicular Fuel Matrix Source: Brazil's National Petroleum Agency (ANP) Despite the competition between gasoline and ethanol, diesel has by far the highest  market share among oil products for vehicular use. With higher economic growth expected over the next few years, the demand for diesel  will increase, driven mainly by the transport sector.    12
  13. 13. GASOLINE 34 51 56 43 34 48 46 64 45 43 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 DIESEL 99 112 109 64 45 36 51 70 89 28 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 JET 15 20 17 6 2 6 12 15 25 19 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 FUEL OIL 29 109 84 102 126 98 113 91 85 70 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009* * * Surplus Deficit * GASOLINE 34 51 56 43 34 48 46 64 45 43 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 DIESEL 99 112 109 64 45 36 51 70 89 28 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 JET 15 20 17 6 2 6 12 15 25 19 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 FUEL OIL 29 109 84 102 126 98 113 91 85 70 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009* * * Surplus Deficit GASOLINE 34 51 56 43 34 48 46 64 45 43 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 DIESEL 99 112 109 64 45 36 51 70 89 28 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 JET 15 20 17 6 2 6 12 15 25 19 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 FUEL OIL 29 109 84 102 126 98 113 91 85 70 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009* * * Surplus DeficitSurplus Deficit * Evolution of Brazilian Oil Products BalancesEvolution of Brazilian Oil Products Balances 13 Source: Brazil's National Petroleum Agency (ANP) Gasoline exports occur  largely because ethanol and vehicular natural gas provide a  substantial share of Brazil's light vehicle transportation fuels.  The Brazilian investment program, focused on increasing conversion, aims to reduce  fuel oil production and reduce middle distillates deficit. k bpd GASOLINE 34 51 56 43 34 48 46 64 45 43 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 DIESEL 99 112109 64 45 36 51 70 89 40 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 JET 15 20 17 6 2 6 12 15 25 21 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 FUEL OIL 29 109 84 102 126 98 113 91 85 74 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
  14. 14. Fast Growing Domestic DemandFast Growing Domestic Demand Strong market growth for basic products in 2009‐2020. Higher profitability and lower demand risk in comparison to Latin America.   14 (000 b/d) 201 208 215 213 226 242 315 314 314 326 332 334 403 452 241 237 237 250 220 223 252 25280 73 76 84 89 94 136 170 628 687 685 738 782 770 937 1187 108 119 109 103 126 166 141 155 155 182 197 195 276 325 201220 117189 2000 2004 2005 2007 2008 2009 2014E 2020E Others FO Diesel QAV Naphta Gasoline LPG1,814 3.4% p.a. 4,1% p.a. 1,784 1,944 2,794 1,776 1,907 2,356 1,933
  15. 15. Potential Market of Otto Cycle FuelsPotential Market of Otto Cycle FuelsThous.cu.mofgasolineequivalente Gasoline C: 25% Ethanol 83,7 % 4,1 % 12,2 %0 5.000 10.000 15.000 20.000 25.000 30.000 35.000 40.000 45.000 50.000 55.000 60.000 65.000 70.000 75.000 80.000 85.000 90.000 95.000 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 2026 2028 2030 Gasoline C Flex-fuel Hydrous Ethanol CNG Vehicle sales in Brazil are being increasingly driven by fuel flexibility, following the  introduction of Flex Fuel units in 2003. The fast increase in flex‐fuel share in total sales in 2005‐2009 points out a strong  competition between mogas and ethanol, followed by natural gas, over the next years.  Consumption of each fuel per motor type (includes motorcycles) 15
  16. 16. Refinery Utilization – Latin America and BrazilRefinery Utilization – Latin America and Brazil Source: Pira and Brazil's National Petroleum Agency (ANP) Better margins and stronger domestic market led to higher refinery utilization rate in  Brazil. It means higher profitability and lower demand risk to refining projects in Brazil when  compared to Latin America.   16 Refinery Utilization Factor 50% 60% 70% 80% 90% 100% 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Latin America Brasil
  17. 17. Vertically Integrated System to Capture Synergies within the Value Chain Vertically Integrated System to Capture Synergies within the Value Chain 17
  18. 18. Enhancing ReservesEnhancing Reserves Santos Pre-Salt announced recoverable volumes, can almost double Brazilian reserves. 18
  19. 19. Petrobras Total Production (k bpd) Pursuing New Projects while Maximizing Production from Existing Assets Pursuing New Projects while Maximizing Production from Existing Assets * Plus or minus 2,5% 19 1500 1540 1493 1684 1778 1792 1855 1971 2100 2980 3950 252 251 265 274 277 273 321 316 384 623 1109 35 161 168 163 142 126 124 141 146 176 203 22 120 128 93 97 100110101 9694 85 2002 2003 2004 2005 2006 2007 2008 2009 2010 2014 2020 Oil Production Brazil Gas Production Brazil Oil Production International Gas Production International 2.400 2.3012.2972.2172.0202.0371.810 2.525 4,9% p.y. 2.723 5.382 3.907 7,1% p.y. 9,4% p.y. 1,183 152 Pre-Salt Pre-Salt
  20. 20. Petrobras’ Refining InfrastructurePetrobras’ Refining Infrastructure As Petrobras continues to grow its upstream  business, the need for a compatible refining  infrastructure becomes more critical RLAM REGAP REDUC REVAP REPLAN RECAPRPBCREPAR REFAP LUBNORREMAN RPCC 20 With limited investment over the last 30 years,  Petrobras will increase capacity to meet the  needs of a growing domestic market Refineries Capacity (Mbpd) Troughput (Mbpd) Paulínia - Replan (SP) 365 324 Landulpho Alves - Rlam (BA) 279 254 Duque de Caxias -Reduc (RJ) 242 256 Henrique Lage - Revap (SP) 251 205 Alberto Pasqualini - Refap (RS) 189 142 Pres. Getúlio Vargas - Repar (PR) 189 183 Pres. Bernardes - RPBC (SP) 170 168 Gabriel Passos - Regap (MG) 151 143 Manaus - Reman (AM) 46 39 Capuava - Recap (SP) 53 45 Fortaleza - Lubnor (CE) 7 6 Clara Camarão - RPCC (RN) 26 25 Total Brazil 1968 1790 United States 100 98 Argentina 81 54 Okinawa 100 45 Total Petrobras 2,223 1,962
  21. 21. 1Q10 (k bpd)1Q09 (k bpd) Significant Improvements in the Trade BalanceSignificant Improvements in the Trade Balance Positive net exports by higher oil production, improvements in our refining  system and reduced internal demand.  21 426451 215 140 100 Exposts Imports Net Exports Oil Oil Products 555 347 126 274 192 Exposts Imports Net Exports Oil Oil Products
  22. 22. Focused Strategy to Add Value to Domestic CrudeFocused Strategy to Add Value to Domestic Crude Expand refining capacity in Brazil and  internationally Improve margins by  expanding average  complexity Use commercial and  logistical partnerships to  expand presence in  target markets Increase production of basic  petrochemicals, capturing  synergies within the  Petrobras System Optimize quality to make  Petrobras the preferred fuels  brand for consumers in Brazil  and abroad 22
  23. 23. 76% 6%6% 12% Refining Pipelines & Terminal Transport Ship Transport Petrochemicals Investing During 2010-2014 to Realize These GoalsInvesting During 2010-2014 to Realize These Goals • Adding values to domestic crude and producing diesel and gasoline in‐line with  international standards • Investment targets Fuel Quality, Conversion and Expansion Downstream Investments US$ 78.7 billion 23 73% 12% 7% 8% Refining Pipelines & Terminal Transport Ship Transport Petrochemicals Downstream Investments US$ 47.8 billion 2009‐2013 Plan 2010‐2014 Plan
  24. 24. Domestic Crude as a Percentage of Total Feedstock Processed 91% 79%78% 80%80% 76% 2001 2003 2005 2007 2009 2020 Petrobras’ refining site will be adapted to  run more domestic crude, therefore  capturing the light/heavy differential and  avoiding acidity crude discounts Lessening Imported Crude Requirements for Refining InputsLessening Imported Crude Requirements for Refining Inputs 24
  25. 25. 3,012 2,260 1,7911,779 2008 2009 2010 2011 2012 2013 2014 2020 RNE 230 tho. bpd 2013 Comperj 165 tho. bpd 1st Fase 2013 Domestic Refineries Crude ThroughputDomestic Refineries Crude Throughput REPLAN Revamp 33 tho. bpd 2010 Premium I 300 tho. bpd 1st Fase: 2014 (k bpd) 25 Premium I 300 th bpd 2st Fase: 2016 Premium II 300 tho. bpd 2017 Comperj 165 tho. bpd 2st Fase: 2018 Downstream Investments US$ 78.7 billion • Adding values to domestic crude and producing diesel and gasoline in-line with international standards • Investment targets Fuel Quality, Conversion and Expansion 76% 6%6% 12% Refining Pipelines & Terminal Transport Ship Transport Petrochemicals
  26. 26. Domestic Refining Greenfields Capacity AdditionsDomestic Refining Greenfields Capacity Additions Diesel (64%), LPG (3%), Naphtha (6%),  Bunker (16%), Coke (11%)  Diesel (53%), LPG (6%), Naphtha (1%), Jet (28%),OC (4%), Coke (8%)  (230 kbpd) (600 kbpd) (300 kbpd) (330 kbpd) (Premium I & II) Diesel 10 ppm (60%), LPG (4%),  Naphtha (14%),  Jet (12%), OC +  Bunker (10%)  Numbers in kbpd are capacities 26 Existing pipelines Refineries Onshore Terminals Offshore Terminals Terminals and Pipelines Operated by Transpetro
  27. 27. 0 200 400 600 800 1.000 1.200 1.400 2010 - 2014 Distilation Capacity Conversion Capacity Hydrotreating Capacity K bpd Domestic Refining Capacity AdditionsDomestic Refining Capacity Additions Until 2014, Brazil will add 736 k bpd of Distillation Capacity, 495k bpd of Conversion  Capacity and 1273 k bpd of Treating Capacity Coking units investments will convert Brazilian heavy oil into lighter products at the  same time that HDT units will reduce sulphur to meet international standards. Treating investments will allow Brazil to have diesel in metropolitan areas containing a  maximum sulphur content of 50/10 parts per million, significantly lower than current  levels in 2009. 27
  28. 28. CDU Capacity and Petroleum Demand – Latin America and Brazil CDU Capacity and Petroleum Demand – Latin America and Brazil Source: Cera, Pira and Petrobras Until 2014 Latin America will add 1,53 MM bpd of CDU capacity (Firm + Probable Projects).  Brazil represents 48% of this addition. Projects ranked as “Less Likely” account for more 788 k bpd of CDU capacity *Excludes biofuels 28 - 2,000 4,000 6,000 8,000 10,000 12,000 2005 2006 2007 2008 2009 2010 2014 Refinery Capacity - Brazil Refinery Capacity - Latin America (Firm + Probable) Refinery Capacity - Latin America (Less Likely) Total Petroleum Demand* - Latin America Total Petroleum Demand* - Brazil K bpd
  29. 29. - 1,000 2,000 3,000 4,000 5,000 6,000 2005 2006 2007 2008 2009 2010 2014 Conversion Capacity - Brazil Conversion Capacity - Latin America (Firm + Probable) Conversion Capacity - Latin America (Less Likely) Light Products Demand - Brazil Light Products Demand - Latin America K bpd Conversion Capacity and Light Products Demand – Latin America and Brazil Conversion Capacity and Light Products Demand – Latin America and Brazil Source: Cera, Pira and Petrobras *Gasoline, Naphta, Jet and Diesel Until 2014 Latin America will add 1,12 MM bpd of Conversion capacity (Firm + Probable  Projects). Brazil represents 44% of this addition. Projects ranked as “Less Likely” account for more 463 k bpd of Conversion Capacity 29
  30. 30. 0 100 200 300 400 500 600 700 800 900 2010 2011 2012 2013 2014 Others (Less Likely) Trinidad and Tobago (Less Likely) Venezuela (Less Likely) Colombia (Less Likely) Others Venezuela Peru Mexico Cuba Colombia Brazil CDU Capacity Evolution in Latin America – (Firm + Probable) & Less Likely CDU Capacity Evolution in Latin America – (Firm + Probable) & Less Likely Source: Pira (Refinery Database) and Petrobras K bpd Considering only firm and probable projects, in 2014 the major refining countries in  Latin America will be Brazil (2.6 MM bpd), Mexico (1.6 MM bpd) and Venezuela (1.4  MM bpd) representing more than 60% of the region total capacity. Cuba (Cienfuegos) Expansion Company: Cupet 85 k bpd CDU Trinidad and Tobago  (Pointe‐A‐Pierre) New Refinery Company: Petrotrin 200 k bpd CDU 30 Colombia (Barrancabermeja/ Cartagena) Expansion Company: Ecopetrol 47/90 k bpd CDU Mexico (Minatitlan) Expansion Company:  PEMEX  100 k bpd CDU Ecuador (Manta) New Refinery Company:   Petroecuador 300 k bpd CDU
  31. 31. -100 0 100 200 300 400 500 600 700 800 900 2010 2011 2012 2013 2014 Others (Less Likely) Trinidad and Tobago (Less Likely) Venezuela (Less Likely) Mexico (Less Likely) Colombia (Less Likely) Others Venezuela Mexico Colombia Brazil Conversion Capacity Evolution in Latin America – (Firm + Probable) & Less Likely Conversion Capacity Evolution in Latin America – (Firm + Probable) & Less Likely Source: Pira (Refinery Database) and Petrobras Conversion Units: Coking, FCC and HCCK bpd Considering firm and probable projects, conversion capacity in 2014 will be also  concentrated in Brazil (1.2 MM bpd), Mexico (0.67 MM bpd) and Venezuela (0.46 MM  bpd) representing 65% of the region total capacity. Mexico (Salamanca) 48 k bpd Coker 60 k bpd FCC Trinidad and Tobago  (Pointe‐A‐Pierre) 34 k bpd Coker 27 k bpd FCC 27 k bpd HCC Mexico 29 k bpd Coker (Salina) 79 k bpd Coker (Tula) Colombia (Barrancabermej) 90 k bpd Coker 58 k bpd HCC (Cartagena) 25 K bpd Coker 57 k bpd FCC Mexico (Minatitlan) 56 k bpd Coker 42 k bpd FCC 31 Ecuador (Manta) 90 k bpd FCC
  32. 32. UruguayArgentina Chile Paraguay Brazil Venezuela Colombia Ecuador Peru Bolivia Mexico Source: IFQC, PFC and Petrobras Gasoline and Diesel Sulphur Specifications Through Latin America Markets Gasoline and Diesel Sulphur Specifications Through Latin America Markets Tighter specifications for mogas and diesel from 2013 on. 32
  33. 33. New Vessels: Investments in Marine TransportNew Vessels: Investments in Marine Transport Besides Petrobras Investments in Marine Transport, the two stages of EBN Program (Brazilian Navigation Company ) will allow 39 vessels to be built by Brazilian companies in shipyards located in Brazil, based on a 15 years charter contract with Petrobras. (1) Promef 1 and Promef 2 (2) FPSO and SS Supply Vessel Large Vessel (VLCC) Production Platform (FPSO) 33 678663430Total 838179Others (Jack-ups and TLWP) 635341Production Platforms (2) 491465254Supply and Special Vessels 31265Drilling Units 10 (1)38 (1)51Tankers 2013 to 20152010 to 2013 New Vessels Delivery Plan 2009Critical Marine Transport Resources
  34. 34. DOWNSTREAM PETROCHEMICALS Comperj: Contributing to Petrobras Value ChainComperj: Contributing to Petrobras Value Chain Products Production (kta) Polypropylene 920 Polyethylene 930 Styrene 400 Ethylene glycol 380 1,720QAV Products Production (kta) Fuels Diesel 8,060 Coke 1,400 Petrochemicals Ethylene 1,245 Propylene 1,035 Benzene 410 Butadiene 170 p-Xylene 475 Sulphur 45 Expand the domestic petrochemical market Run Marlim crude as feedstock Capture synergies from existing regional infrastructure Improve the balance within the commercial value chain for oil, oil products and petrochemicals Comperj is going to: 34
  35. 35. Running our business with operational excellence, capital discipline and sound  returns Safe, reliable, and environmentally responsible operations Focus on client needs Providing the domestic and international markets with international products  specifications, mainly through premium and high value products Advantaged domestic crude processing through enhanced integration with  Exploration & Production segment and investments in refineries and high  conversion units   Investments in refining and petrochemicals technology Capturing scale gains and synergies in Petrobras System How to Add Value to StakeholderHow to Add Value to Stakeholder 35
  36. 36. www.petrobras.com.br
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