Aug. 6 (Bloomberg) -- Petroleo Brasileiro SA, Brazil's state-controlled oil company, plans to invest $6.8 billion until 2015 on expanding and modernizing its refineries, Valor Economico reported, citing the company.

Petrobras will increase its refining capacity in Brazil by 989,600 barrels a day through the expansion of its 10 biggest units, Valor said.

Petrobras is also investing $43.6 billion to build new refineries in Rio de Janeiro, Pernambuco, Ceara and Maranhao, the newspaper said.

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

Last Updated: August 6, 2008 06:03 EDT