Brazilian state-owned energy company Petrobras announced on Thursday that it would build its largest refinery in 2014.

Paulo Roberto Costa, the country's director of supplies, said the refinery which will be called "Premium", would have a capacity of 500,000 barrels a day.

Most of the high-quality crude oil derivatives produced by the plant would be exported, he added, without revealing the location of the refinery.

The company already has 11 refineries in Brazil, with two more under construction. One of these is in Rio de Janeiro, which is set to produce products for the petrochemical industry and another will be in Pernambuco in the east of the country.

Currently, Brazil's largest refinery is the Campinas facility, which processes 360,000 barrels a day. Venezuela had the South American continent's largest refinery, which has a capacity of 900,000 barrels a day.

Source: Xinhua