After participating in an auction for about a year, Toyo Setal became the lucky winner to do the construction of the Rio de Janeiro Petrochemical Complex. The construction of this facility had been stalled since 2015. Toyo Setal signed the contract recently and then Petrobas then gave the company official permission to do this project. The construction is expected to finish this project in 18 months. Rafael Ribeiro de Mendonca Lim, commercial manager for Toyo Setal, says that they like working with Petrobas again. Traditionally, Petrobas has been its largest customer. Lima believes that there finishing work that has been suspended for a while. Toyo Setal has worked intensely on the proposal for this project.
Lima stated that many different kinds of specialists from his company have the site of the project to evaluate what had been done in the past. They wanted to make that the project was completely and correctly. The invitation for this auction only went to companies that were registered with Petrobas. The companies also had to approve that they had the technical know-how and the financial ability to do the project. This sector in Brazil recently had a huge economic crisis and left companies with weak project portfolios. This increased the appetite for this project in Brazil. The announcement that Petrobas is resuming the project was received positively by the municipality in Brazil called Itaborai The stoppage of this project has caused a very deep social and economics this city.
By itself, the utility venture of this project that will be done by Toyo Setal will be able to generate 1,000 jobs at the peak time of work. Each project job could generate four non-project jobs. The total number of projects that this project should be able to generate in Itaborai is 5,000 jobs. This company is considered to be a business that implements many industrial enterprises. This business focuses on developing and producing highly complicated projects. They particularly concentrate on EPC (Engineering, Procurement, and Construction) projects This company is a subsidiary of Participações e Investimentos SA (TSPI), The big company deals with Energy, Infrastructure, Fertilizer, Steel, Mining, Petrochemical, Chemical, Oil and Gas. This company winning this bid for this project is not just for the company, but it is good for the city that the project is happening in.