The price surge comes after over 12% of crude production in the U.S. Gulf of Mexico was shut down due to damage caused by Hurricane Francine last week. The disruptions have bolstered oil prices in four of the last five trading sessions.
Petrobras is the second-largest shareholder in Braskem, Brazil’s only petrochemical producer. The company will allocate 13 billion reais to the construction of a new plant in Itaboraí, focused on producing petrochemical derivatives, with another 7 billion reais dedicated to expanding a nearby refinery.