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Brazil's Petrobras Increases its Energy Supplies in Brazil

Brazil's national oil and gas giant Petrobras announced on Friday that it had signed a contract to lease

Brazil's national oil and gas giant Petrobras announced on Friday that it had signed a contract to lease a thermoelectric power plant in Sao Paulo state for 17 years.

The company will pay 45 million reals (22.2 million U.S. dollars) a year to run the so-called Piratininga plant, which belongs to Sao Paulo's state government, according to a Petrobras statement.

Another reason was the need to increase Petrobras' energy supplies in Brazil, the statement said.

The plant, which is located in the city of Sao Paulo, relies on a base production capacity of 540 megawatts, and on two extra steam-empowered engines that are capable of producing 200 megawatts.