Petrobras Boomtown Turns Desolate as Refinery's Billions Vanish

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Pedestrians walk on a street in Itaborai, Brazil.

Photographer: Dado Galdieri/Bloomberg

Located just 30 miles east of Rio de Janeiro’s bustling Copacabana beach, Itaborai looks like many oil boomtowns after the bust -- except the deserted stores and empty glass towers that loom over this town of 220,000 speak of some bigger cataclysm than the collapse of crude prices.

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