Brazil’s Petrobras to be net exporter of crude by 2020

01 November 2011 04:10  [Source: ICIS news]

SINGAPORE (ICIS)--Brazilian oil major Petrobras is expecting to become a net exporter of crude oil by 2020, said the firm’s CEO Jose Sergio Gabrielli on Tuesday.

In addition, the state oil company is planning to increase its crude refining capacity to account for almost 40% of Latin America’s total projected capacity by 2016, Gabrielli said.

Gabrielli was speaking at the Downstream Asia 2011 conference in Singapore.

The event is part of the Singapore International Energy Week, which runs on 1-2 November.

Petrobras is planning to more than double its oil production in Brazil to make the country one of the world’s largest producers by 2020, Gabrielli said.

Oil consumption in Brazil is predicted to grow by around 0.9% of the country's GDP growth in 2012, Gabrielli added.

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By: Nurluqman Suratman

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