Petrobras Boosts Lula’s Economic Agenda With Refining Investment

Brazil’s state-controlled oil producer Petrobras announced on Thursday about 30 billion reais ($5.5 billion) in refining and petrochemicals investments in Rio de Janeiro state that align with the government’s wider plan to create jobs and accelerate economic growth.

The group of investments focus on producing renewable fuels and improving energy efficiency. President Luiz Inacio Lula da Silva will travel to Rio on Friday for an official announcement of the projects that could create more than 38,000 jobs, according to the company.

The refining investments are part of Lula’s push to expand fuel supply and make prices more affordable, and the ...