LatinNews Daily - 23 March 2026

*Brazil’s President Luiz Inácio Lula da Silva has announced that the state-controlled oil company Petrobras will invest R$9.0bn (US$1.7bn) in its Gabriel Passos oil refinery (Regap) in Betim municipality, Minas Gerais state. Also attending the ceremony was Petrobras’ CEO Magda Chambriard, who highlighted that Regap had a processing capacity of around 170,000 barrels per day (bpd) but said in recent years it has only been producing around 60% of its capacity. After the new investment, Chambriard expects the refinery to be able to process 200,000 bpd. According to a government press release, the investment will be allocated for expansion works such as the installation of solar panels in the refinery as well as new production units to produce jet fuel. At the event, Lula also called for Brazil to create a strategic reserve of oil and gas to guarantee an emergency supply in case of international shocks to the sector, such as the ongoing conflict in the Middle East. Regarding other Petrobras initiatives, Lula said that in his phone call earlier this month with Mexico’s President Claudia Sheinbaum he discussed the possibility of Petrobras cooperating on oil exploration projects with Mexico’s state oil firm Petróleos Mexicanos (Pemex).

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