Company: PBR
Filing Date: 2025-04-03
Form Type: 20-F
Source: 0001292814-25-001352
Chunk: 72

Company: PETROBRAS - PETROLEO BRASILEIRO SA
Filing Date: 2025-04-03
Form: 20-F
Item: Item 17
Chunk 72
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 among the best oil refining companies in the world, since 2021 we have had a strategic program, known as RefTOP, which consists of a set of initiatives to improve reliability, sustainability and operational and energy efficiency. In 2023, following the revision of our refining portfolio strategy, RefTOP was expanded to all refineries. In 2025, RefTOP is expected to make another important move, shifting its energy performance metric from Energy Intensity Index (EII) to Solomon’s Energy Sustainability Index (ESI), which measures the energy efficiency of the direct (scope 1) and indirect (scope 2) sources required for operation (EII is a scope 1, or consumption-based only metric). This move demonstrates our commitment to managing carbon emissions and minimizing its carbon footprint, recognizing the impact of low-carbon energy sources at a broader level, and thus considering Brazilian well stablished renewable electricity matrix, that achieved 93% of renewable generation in 2023 (International Energy Agency, 2024).
 In 2024, the crude utilization factor in our refineries reached 93%. We have been consistently promoting the integration of maintenance, inspection, engineering, and operation systems, allowing for more accurate diagnoses, less time for decision-making and failures reduction.
 We keep implementing new projects and OPEX opportunities to increase energy efficiency and sustainability, leading to a consistent reduction in GHG emissions intensity, flaring emissions, and natural gas consumption. The GHG emissions intensity has fallen from 36.8 kgCO2e/CWT in 2023 to 36.2 kgCO2e/CWT in 2024, considering all refineries.
 New investments on RefTOP are expected to reach US$826 million in all refineries from 2024 to 2029.
 

Refining
 We serve our oil products clients in Brazil through a coordinated combination of oil processing, importing and exporting that according to our commercial strategy seeks to optimize our margins, considering different opportunity costs of domestic and imported oil, oil products in the different markets, as well as the costs of related transport, storage and processing.
 In 2024, we processed 1,706 mbbl/d of oil in our 10 refineries. The following graphs show the processed feedstock and the performance of our refineries.
 

Annual Report and Form 20-F 2024 |
<{self.tag} alt="{self.alt}" src="{self.src}">PROCESSED FEEDSTOCK (mbbl/d)
  
Over the past 15