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Tuesday, July 7, 2015

Petrobras needs ethanol to ease import load

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July 07:

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Brazil's federal energy major Petrobras will require a robust local ethanol industry to meet rising domestic fuel demand, according to CEO Aldemir Bendine.

The government earlier this year increased the percentage of ethanol in gasoline to 27% from 25%, a move designed to ease Petrobras' dependence on oil derivative imports.

"We do not want Petrobras to have an over-dependence on imports of refined products, specifically gasoline, to meet all the demand," Bendine said in comments published on Petrobras' website on Tuesday.
"We are the main player in this process but we have to work together to lessen the reliance."

Analysts say inbound oil derivative shipments are largely to blame for Petrobras' ballooning debt, which hit 351bn reais (US$110bn) at the end of 2014.
According to Rio de Janeiro consultancy Centro Brasileiro de Infraestrutura, the NOC's fuel import bill will climb to US$30.4bn in 2020 from US$12.7bn in 2013.

Thousands b/dOil imports per month in BrazilJanuary 2013 - May 2015201320142015JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember01000250500750June● 2013: 289.9Source: with data from ANP


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