Brazil’s Petrobras to End 2008 with Oil Trade Balance Surplus

Petrobras's Duque de Caxias refinery Brazil's state-controlled gas and oil multinational Petrobras should end the year with an oil bill surplus, according to the company's Supply and Refining director, Paulo Roberto Costa, during the Rio Oil & Gas international fair.

According to Costa, the Petrobras is investing around US$ 8.5 billion in its refining park to improve the quality of fuel to allow greater production of diesel.

"Last month, the trade balance result was still negative, but we continue with consistent figures that point at an oil trade balance surplus. We are increasing production by at least 12,000 barrels of diesel a day, due to coke from Reduc (Duque de Caxias Refinery) and also in other units where there is being investment in the optimization of production of diesel, which has been showing results," stated Costa.

To this effort, pointed out the Petrobras director, may be added the increase of 1% biodiesel to the conventional diesel sold in Brazil starting on July 1st. This, he added, increased the mixture of the alternative fuel in to regular diesel to 3% – the so-called B-3.

The supply director of Petrobras said that the company also plans to prioritize the construction of refineries in the country to increase the company's refining capacity from the current 2 million barrels a day to 3.1 million over the next few years, when the company should be producing around 3.8 million barrels of oil.

Although the state-controlled company is still evaluating the market possibilities, Petrobras is no longer negotiating the purchase of the Valero refinery in Aruba, in the Caribbean, said Costa.

ABr

Tags:

Ads

You May Also Like

Brazil Deploys an Extra 3.500 Troops to Colombian Border

Citing concerns with drug trafficking in the Amazon, Brazil is dispatching 3,500 Army soldiers ...

The Real Thing

When Bush talks about "leaving no child behind," you can as much as see ...

Brazil Bishop Who Suppports Indian Land Demarcation Gets Death Threats

Dom Manoel João Francisco, the Bishop of Chapecó, Santa Catarina, has recently been receiving ...

Disrobed Women, Alcohol, Floats. World’s Biggest Street Party Is on in Brazil

Brazil beauties with nothing for clothing but sequins led Carnaval parades lasting until dawn ...

US’ Aleris Acquires Brazil’s Recycling Firm

U.S.-based Aleris International, Inc. announced that it has acquired Tomra Latasa Reciclagem, a recycling ...

Brazilian Plane with 155 People Fell Inside Indian Territory in the Amazon

Brazil’s Funai (National Foundation of the Indian) confirmed that the Boeing 737-800 of the  ...

Brazil Takes to Middle East Know-How to Extract Oil from Rock

Brazil's state-controlled oil multinational Petrobras is looking at opportunities in the schist sector in ...

Lula Assures Brazilians Bolivia Conflict Won’t Raise Gas Prices

Brazilian President Luiz Inácio Lula da Silva admitted that it was a mistake for ...

Brazilian Airline TAM

Brazil and Portugal Leading Airlines Share Code and Air Miles Program

The Brazilian and the Portuguese leading airlines, TAM and TAP respectively, announced that they ...