The development stages:Early design & engineering/2013-02,In operation/2018-12.The investment is US$20bn.Construction of the Premium I refinery in Brazil's Maranhão state is currently underway. The facility, which is expected to be the largest in Latin America, will be able to process 300,000b/d. The project, along with the construction of other refineries in Brazil, aims to eliminate the need for oil imports. Premium I, initially due to come online in 2016, is scheduled to be ready in 2018.