Petrobras drops upgrade to Monteiro Lobato gas plant in Sao Paulo

BRASILIA, Dec 4 (Reuters) - Brazilian oil company Petroleo Brasileiro SA has abandoned a plan to upgrade its Monteiro Lobato gas-processing plant in Caraguatatuba, Sao Paulo state, because it was no longer worthwhile, the state-owned company said on Friday in a securities filing.

"The decision was taken due to the loss of economic attractiveness of the project," Petrobras said. As a result, it said it has also canceled the associated tenders for the project. (Reporting by Anthony Boadle; Editing by Leslie Adler)