VLCC Chartered By Petrobras Will Deliver First Oil Cargo In China In 1 Month

Written by Paulo Nogueira

Published on 24/05/2019 at 10:57

Updated on 28/05/2019 at 19:23

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After Agreement Signed Between Petrobras and Shondong in December 2018 for China to Increase Its Crude Oil Supply, the First Transaction Will Be Completed by June 24

Petrobras is set to deliver a VLCC crude oil cargo to storage facilities it leased at the port of Qingdao in Shandong province, eastern China, by the end of June, according to a port source familiar with vessel tracking data.

This will be the first cargo delivered by Petrobras to its bonded storage facilities in Shandong after signing the contract in December, in line with the company’s plans to increase crude oil supply to China by leasing bonded storage at the independent refining hub and offering a new grade of crude.

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The shipment also highlights the attempts of Chinese refineries to diversify their sources of oil from South America, in the context of Venezuelan sanctions that have dried up the availability of heavy grades typically preferred by Asian refiners.

The Greek-flagged VLCC Maran Cleo departed the Brazilian port of Angra dos Reis on May 17 and will arrive at the port of Qingdao on June 24, according to S & P Global Platts’ ship tracking software, cFlow. Currently, the vessel is chartered by Petrobras, shipbrokers based in Singapore said. Petrobras did not comment on the shipment.

Placing crude oil in storage facilities helps eliminate intermediaries from the market, such as supply chain traders, and allows oil producers to respond quickly to customer needs, such as independent refineries.

VLCC Chartered By Petrobras Will Deliver First Oil Cargo In China In 1 Month

After Agreement Signed Between Petrobras and Shondong in December 2018 for China to Increase Its Crude Oil Supply, the First Transaction Will Be Completed by June 24

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