Petrobras Surplus 600% Bigger than Last Year’s

Brazil oil Together the greater supply of Brazilian oil for export, the reduction of spread (the price difference) between light and heavy oil, the greater production of diesel on the domestic market and the lower thermal-electric demand should cause state-controlled oil and gas multinational Petrobras to end 2009 with a trade balance surplus higher than the US$ 1.45 billion recorded in the first half.

This information was given by the director of the Refining and Oil Product Area at Petrobras, Paulo Roberto Costa, who did not make an estimate of the surplus, but said that the figures are growing.

Costa also withheld the trade balance result for the third quarter, which ended in September, because the figures have not yet been disclosed to the financial market. He had a meeting with journalists, in Rio, where he spoke about the results reached by the company, which is celebrating the 56th anniversary of its establishment this year.

The company's trade balance result is calculated based on exports and imports of oil products, not considering natural gas, liquefied natural gas (LNG) and nitrogenated products. The result for the first half of this year was almost 600% greater than in the first half of 2008.

On explaining the set of favorable factors that caused these positive results, Costa recalled that Petrobras is producing, since September last year, around 35,000 more barrels of diesel oil a day, due to technical improvement in the company's refineries.

To this, said the director, may be added the fact that, due to the retraction in domestic demand, the company is importing on average 45,000 barrels a day, against 120,000 barrels of diesel oil imported each day in 2008.

"Diesel has a very high added value and this causes a very positive reflex. Apart from that, we had greater exports of oil, currently at around 500,000 barrels a day, with a July peak of over 600,000 barrels a day, against an average of little over 300,000 barrels a day verified in 2008."

Another fact pointed out by Costa was that "the spread between the price of light oil and heavy oil has dropped. Today, the heavy oil that we are importing has a higher added value, when compared to the light oil, much more than last year. The OPEC [Organization of Petroleum Exporting Countries], early this year, cut the offer of heavy oil and the world needs heavy oil to produce bunker fuel [for ships]. There arose a very large window of opportunity for us."

As the country has started selling the great volume of good-quality heavy oil produced at a price very close to that of light oil – which the country still needs to import to mix into heavy oil during refining – another positive factor for the balance of payments result.

Vehicle Sales

Automobile production dropped by 6.7% in September, in comparison with August. According to the National Association of Vehicle Manufacturers (Anfavea), 275,305 vehicles were produced, as against 295,009 in August.

In comparison with September last year, there was a reduction of 8.4%, with 300,688 vehicles manufactured. From January to September, the decrease was 11.5%, with 2,323,648 vehicles produced, as against 2,624,357 in the same period of last year.

With regard to sales, there was growth of 19.6 %. In September, 308,718 vehicles were sold, as against 258,129 units in August. In comparison with the same period of last year, when 268,686 units were sold, there was growth of 14.9%. In the year-to-date result, there was growth of 4.2%, with 2,302,050 vehicles sold, as against 2,208,805 in the same period of 2008.

ABr

Tags:

Ads

You May Also Like

Brazil: One More Year for School Basics

Increasing the number of years of fundamental education in Brazil should make it easier ...

Despite Lack of Skilled Workforce and Infrastructure Rio Gets Ready for Olympic-Size Growth

With production of pre-salt oil in ultra-deep waters, the Soccer World Cup in 2014 ...

China Ready to Invest US$ 8 Bi in Brazil While Brazilians Wish to Diversify Exports to Chinese

Brazil’s Minister of Development, Industry and Foreign Trade, Fernando Pimentel, says that China will ...

Brazil Takes Works by 25 Classy Artisans to German Museum

Brazilian handicraft won a highlighted spot in the country of the World Cup between ...

UK’s Flybe Gets Up to 26 Brazilian Embraer Jets, a US$ 870 Million Deal

Flybe, one of Europe’s leading low-cost airlines, today announced an agreement with Embraer for ...

Brazil Looks Beyond Bolivia for Natural Gas

The election of the new governor of the state of Pernambuco, on Sunday, October ...

NYT Reporter Calls Brazilian Air Control Terrible

Joe Sharkey, the New York Times reporter who was in the small jet that ...

Opposition in Brazil Wants Head of Finance Minister

Brazilian opposition party PSDB (Party of the Brazilian Social Democracy) filed a motion in ...

Brazil Cuts in Half Time to Open a Company. Now Is 20 Days

Brazil has reduced to 20.3 days the time required for establishing companies in the ...

Petrobras’ Big Plans for Brazil: US$ 224 Billion Investment and Double Output

Petrobras, Brazil’s state-controlled oil and gas multinational announced that it will invest US$ 224 ...