BMI View: The award of FEED contracts for two new refneries is a sign of Brazil's ambitious plans for its refning sector. The two new plants are expected to add 900,000b/d of capacity, turning Brazil from a minor importer of fuels to a regional downstream giant. US contractor Foster Wheeler has been awarded a front-end engineering and design (FEED) contract by Brazilian national oil company Petrobras for two grassroots refneries. Under the contract, the value of which was not disclosed, Foster Wheeler will be the prime subcontractor to UOP, which is developing the plants for Petrobras. The deal is part of the country's plan to increase refning capacity and maximise the value it adds to its subsalt reserves, which BMI expects to boost oil production from 2mn b/d in 2009 to 4.5mn b/d in 2020.
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