July 3 (Bloomberg) -- Petroleo Brasileiro SA, Brazil's state-controlled oil company, will have to invest more than initially planned to build two new refineries after the price of steel increased, Agencia Estado reported, citing Pedro Jose Barusco Filho, manager of engineering at Petrobras.

Petrobras had estimated it would invest $30 billion on the new refineries in the northeastern states of Ceara and Maranhao, Estado reported. The revised investment figure will be announced with the company's new strategic plan in September, according to Estado.

To contact the reporter on this story: Joao Lima in Lisbon at jlima1@bloomberg.net.

Last Updated: July 3, 2008 05:16 EDT