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In Search Of New Consumer Markets To Export Its Oil, Petrobras Is Looking For New Destinations And India Is On The Radar
One thing leads to another! While oil exports to China are falling due to the coronavirus, Petrobras is seeking new consumer markets. According to Petrobras’ Refining and Natural Gas Director, Anelise Lara, India is a possibility and is on the company’s radar.
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According to Anelise, the oil explored by the company in the pre-salt layer has good acceptance in the international market due to the low sulfur content in the commodity: “Brazilian oil is very well accepted in the United States and Europe. We are looking for new markets, such as India. We have contact with oil companies in India that are interested in this low-sulfur oil.”
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Furthermore, the director stated that oil exports to China will still continue, considering its strategic customer position for the company: “Exports to China will remain strong. There may be reductions in specific demands. China reduced imports by 3 million barrels per day due to the coronavirus crisis.”
According to Petrobras’ President, Roberto Castello Branco, “What is expected is that this shock will last one quarter. And that it will ease as, naturally, as seen in these crises, the number of cases decreases until it significantly reduces,” he projected. “During this quarter, China and the global economy are suffering. In the next quarter, there will be a readjustment, and in the third quarter, there will be a recovery compared to previous levels.”
The company’s president also stated that China will always be an important market for Petrobras and that there has been no reduction in the volume of oil exported: “January was a record month for exports, and in February there was no significant change,” he concluded.
