Brazil’s state energy company Petrobras has signed contracts worth 9.6 billion reais (~US$1.81 billion) to undertake its Boaventura refining project, which includes building two new units targeting production of lubricants, S-10 diesel, and jet fuel.

The investment aims to strengthen Brazil’s downstream capacity and reduce reliance on imports of high-quality fuels. Alongside the refining build, Petrobras also secured 10.2 billion reais in contracts for ROV support vessels, which will support its offshore operations.

For the global refining trend, this signals that emerging markets are continuing major capital allocations into refining and upgrading assets—not just relying on exports. National policy and energy security seem to be motivating deeper vertical integration in Brazil’s oil sector.