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FRANKFURT, Germany - Siemens AG said Thursday it won a $120 million order from Brazilian oil and gas company Petrobras to supply 10 compressors for oil refineries.
| SI | 26.28 |  -44.21 |
The Munich-based industrial conglomerate said the large compressors will be installed in desulfurization units at eight refineries in Brazil. They will be delivered starting late next year.
A Siemens statement said the order is part of a Petrobras investment program intended to make more cleaner, low-sulfur fuels available at Brazilian gas stations.
Brazil has proven oil reserves of 11.8 billion barrels, the second-largest in Latin America, according to the U.S. Energy Department. Brazil also is the world's largest renewable energy market because of its long-established hydropower and bioethanol industries, the United Nations recently reported.
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