Petrobras (PETR3, PETR4) restarts works at the GasLub Hub, in Rio de Janeiro

Having been interrupted since 2015, the company restarted the work in Petrobras' GasLub complex.

On the 2nd, the company reactivated the contracting process to resume work in Itaboraí, in Rio de Janeiro.

The GasLub Complex, previously called the Rio de Janeiro Petrochemical Complex (Comperj), was designed for oil refining in Brazil. The government's idea is to help the country generate products with high-added value.

The entire project has been at a standstill since Operation Lava Jato, which discovered cases of corruption within the company and other companies with contracts at Comperj. However, the current government decided to reactivate all the work.

According to a statement from Petrobras, the set of units, when completed, will have the approximate capacity to produce 12 thousand barrels per day of Group II lubricating oils, in addition to 75 thousand B/D of S-10 diesel and 20 thousand barrels per day of aviation kerosene (QAV-1), with low levels of sulfur content.

The company's estimate is that the reactivation of the complex's works will generate up to 10 thousand direct and indirect jobs. 

Petrobras (PETR3, PETR4) was a highlight of the Brazilian Stock Exchange in April

The company which faced a drop in its shares in March, performed well in April after the decision to partially pay extraordinary dividends to its shareholders. This issue should continue to set the tone for its shares until the end of this year.

Petrobras reached the end of April with the biggest increases in the Ibovespa index, the main indicator of B3.

According to the website Infomoney, the Brazilian oil company's common shares ended April with an appreciation of 18.65%, while preferred shares increased by 15.57%. In the same period, the Ibovespa fell by 1.7% on a monthly basis.

Petrobras' decision on the payment of dividends almost generated a crisis in the Lula government, with the company's president Jean Paul Prates, and the minister of Mines and Energy Alexandre Silveira publicly debating the issue. The extraordinary dividends were withheld on March 19, when the company informed the market of the distribution of 50% of the amount, equivalent to R$22 billion. Petrobras also considered the possibility of distributing the other 50% throughout 2024. The new stance relieved investors who saw the risks of political interference give a respite.