What results did Petrobras achieve in 2024?

In 2024, Petrobras demonstrated strong financial discipline, generating US$38 billion in operating cash flow and investing nearly US$17 billion, while reducing financial debt to its lowest level since 2008.

Our refineries achieved a 93% utilization rate – the highest in a decade – and record levels of pre-salt crude processing, which made up 70% of feedstock. The company also reached historical records in gasoline and S10 diesel production. 

In early 2025, Petrobras expanded its refining capacity at Rnest by 25,000 bpd and added 63,000 bpd of S10 diesel capacity at Replan. The company launched the second module of the Boaventura gas processing unit in 2025, to expand gas supply from the pre-salt and support downstream industry growth. Petrobras will also re-enter the fertilizer market by restarting its ANSA nitrogen fertilizer plant, on the second half of 2025.

Looking ahead, the company plans to raise oil production to 2.5 million bpd by 2027.

What are the goals of Petrobras’ 2050 Strategic Plan?

Petrobras’ 2050 Strategic Plan aims to lead Brazil’s just energy transition, while maintaining its 31% share of the national energy mix. The company targets net-zero operational emissions by 2050. 

The company will keep developing low-carbon oil production in the pre-salt and in new frontiers, like equatorial margin, to finance its energy transition. Brazilian oil has one of the lowest carbon intensities in the world in its production.

Along with oil and fuel production,  Petrobras will increase low-carbon investments,  with a diverse portfolio including hydrogen, biofuels, carbon capture, solar, wind, and renewables, while also advancing petrochemical, fertilizer, and gas operations.

Could you outline Petrobras’ 2025-2029 Business Plan?

The 2025–2029 Business Plan allocates US$111 billion in investments, focused on high-return, value-generating projects. The plan is expected to create 315,000 jobs and contribute US$254 billion in taxes, while boosting local supply chains and innovation through R&D. 

Why is Petrobras re-entering the ethanol market?

Petrobras is making a strategic return to the ethanol market, recognizing its growing importance in Brazil and globally, driven by ethanol’s long-term growth potential and its relevance to Brazil’s energy transition. The company aims to capture synergies with its existing fuel operations to create value and maintain a strong position in the national fuel market.

What will Petrobras’ R$33 billion investment in Rio de Janeiro deliver?

In July 2025, Petrobras and Braskem announced R$33 billion in investments in refining and petrochemicals in Rio de Janeiro. The key initiative is the R$26 billion integration of the Boaventura Energy Complex with the Reduc refinery, which will add 76,000 bpd of S10 diesel, 12,000 bpd of Group II lubricants, and 19,000 bpd of sustainable aviation fuel (SAF). 

Two new natural gas thermoelectric plants will enhance energy security. The plan also includes a re-refining project for used lubricants at and ANP-approved co-processing trials. 

Braskem will expand its Duque de Caxias polyethylene plant by 230,000 t/y using Petrobras-supplied ethane. 

What are the biggest challenges for the Brazilian chemical industry?

The major challenge for the Brazilian chemical industry today is to remain competitive against imports, at a time when the sector faces oversupply and margins are squeezed. 

In the medium-to-long term, the challenge for the chemical industry is to implement an effective and integrated transition to a low-carbon economy, while also meeting the economic and social needs of the population.

Petrobras has been investing in R&D and industrial testing to use renewable feedstocks in our industrial assets, producing chemicals with renewable content. One example is the Riograndense Oil Refinery, which achieved a historic milestone by processing 100% soybean oil in an industrial refining unit. 

We also successfully conducted industrial tests at Recap (a refinery in Mauá, São Paulo) for co-processing ethanol in an FCC unit, producing a stream of Light Refinery Hydrocarbons with renewable content, which is a potential renewable feedstock for the chemical industry.

Petrobras is also investing on R&D to utilize our refining assets for plastics recycling. 

How is Petrobras supporting Brazilian society and industry in this moment of geopolitical uncertainty?

While focusing on high-return investments, the company ensures a stable and affordable supply of energy, minimizing impacts on the environment and society. From pioneering Brazil’s oil sector to building its energy industries, it now seeks to regain leadership in chemicals and petrochemicals, through its stake in Braskem and new strategic initiatives.