Brazil's Petrobras oil-products sales rise 9% in 2011

10 February 2012 16:02  [Source: ICIS news]

BOGOTA (ICIS)--Brazilian state-run oil company, Petrobras, increased refined-products sales by 9% in 2011, CEO Jose Sergio Gabrielli said on Friday.

In 2011, oil-products sales reached 2.1m bbl/day, an increase of 9% over 2010, Gabrielli said during an earnings presentation.

Petrobras adjusted its refineries to produce more gasoline and diesel in 2011, the company said. However, a significant portion of domestic demand growth had to be met by imports.

Diesel sales increased by 9% because of growth in the economy and was driven mainly by an increase in agricultural activities, Petrobras said.

In the downstream refining segment, 14 new units went into operation in 2011, which aimed to improve operations, the environmental suitability of the units, energy efficiency and flexibility of production of derivatives, said Almir Barbassa, chief financial officer.

In January 2012, the company increased low sulfur diesel S-50 supply, he said.

Domestic oil processed in refineries reached a record level in 2011 of 1.86m bbl/day, a 4% increase over 2010.

The utilisation rate of Petrobras’s refineries was at 92% in 2011 and 82% of the total volume of oil processed came from Brazilian fields, Barbassa said.

Petrobras will continue to invest in new conversion units at the refineries, which will increase domestic oil-processing capacities.

By: Leela Landress
+1 713 525 2653

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