VLCC chartered by Petrobras will deliver first oil cargo in China in 1 month

After the agreement signed between Petrobras and Shondong in December 2018 for China to be able to increase its supply of crude oil, the first transaction will be completed by June 24

Petrobras is expected to deliver a cargo of VLCC crude oil to storage facilities it has rented at the port of Qingdao in east China's Shandong province by the end of June, according to a port source with knowledge of the company's tracking data. vessel.

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

The shipment also underscores attempts by Chinese refiners to diversify their oil sources in South America, in the context of Venezuelan sanctions that have dried up heavy-grade inputs that are generally preferred by Asian refiners.

The VLCC Maran Cleo, flying the flag of Greece, left the Brazilian port of Angra dos Reis on May 17th and will arrive at the port of Qingdao on June 24th, according to S&P Global Platts ship tracking software, the cFlow. The ship is currently chartered by Petrobras, Singapore-based ship brokers said. Petrobras did not comment on the shipment.

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

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