FINANCIAL NEWS

Petrobras to build CPC plant in Saudi Arabia

19 May 2010

(MENAFN) Brazil?s Petrobras signed a preliminary agreement with Saudi outfit Modern Mining Holding Co Ltd to undertake an in-depth study of the feasibility of developing, funding, building and operating a calcined petroleum coke (CPC) plant in Saudi Arabia, Reuters reported.

CPC is a raw material for the aluminum industry and results from the process of calcining green petroleum coke (CVP). The technique consists of heating the CVP at high temperatures to remove residues.

The plant is expected to be built in Jubail or Raz az Zawr and to process up to 700,000 tons of CPC per year, with CVP provided by Petrobras.

The estimated investment for the project is approximately $450 million, to be financed in equal shares by the partners, with the possibility of funding from government and financial institutions.

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