Grace: It was a mistake to say that Rnest would cost US$2,5 billion.
Former Petrobras president Maria das Graças Foster said the company made a mistake in announcing the initial cost of the Abreu e Lima refinery (Rnest) as US$2,5 billion; the refinery, built in the Suape Complex in Greater Recife, ended up costing US$18 billion. This is the fifth time the former executive has gone to Congress to explain allegations against the state-owned company.
Agency Board Former Petrobras president Maria das Graças Foster recently stated that the company made a mistake in announcing the initial cost of the Abreu e Lima refinery (Rnest) as $2,5 billion. The refinery, built in Pernambuco, ended up costing $18 billion.
In response to a question from Congressman Carlos Marun (PMDB-MS) during testimony before the Petrobras CPI (Parliamentary Commission of Inquiry), Graça Foster stated that the difference between the initial estimate and the final cost of the refinery was caused by the lack of a reliable basic project. The project was altered throughout the construction process, which led to repeated contractual addenda.
"The initial correct estimate would be a cost of around 14 billion dollars," said the former president of the state-owned company. She admitted that a price difference of 20% above the projected value in contracts was reasonable. "It's possible to work with smaller margins than that as long as there is a realistic basic project," she said.
This is the fifth time Graça Foster has come to Congress to explain irregularities at Petrobras.