Rio de Janeiro – After several consecutive years of recording trade surpluses, the Brazilian oil company Petrobras should end 2011 with a deficit due to rising domestic demand for oil derivatives, in particular gasoline, said this Wednesday (17th) the company’s Supply and Refining director, Paulo Roberto Costa, upon informing that in the first half, a deficit of 1.1 billion reals (US$ ) has already been recorded.
“The domestic market is very hot right now and the price of gas is more attractive than ethanol at gas stations, therefore consumers prefer fuelling their cars with gasoline. As a result we have imported more diesel and gasoline, as well as light oil to make the necessary mix so that our refineries may process more gasoline using our crude oil.”
Costa also stated that by the end of the month, Petrobras should import two more shipments of gasoline, at a total of 630,000 barrels, to replenish its supplies and eliminate the risk of undersupply as a result of growing demand. According to him, refining capacity and domestic consumption in the country should remain out of phase until 2015, at a rate ranging from 5% and 10%. The rate will depend on the growth of the Gross Domestic Product (GDP).
“It is worth noting that no new refineries have been built in the country in the last 32 years, and consumption has been growing ever since, especially over the last two years. The rate of our dependency will always depend on the sugarcane crop and the resulting ethanol production. If the crop is larger, we will need to import less gasoline,” he said.
Costa guaranteed, however, that “there will be no shortage of gasoline” to Brazilian consumers. “There is no risk whatsoever of a shortage of gasoline supplies for Brazilian consumers. By the end of the month, two shipments totalling 650,000 barrels will arrive in the country, and there will possibly be more shipments before the end of the year.”
*Translated by Gabriel Pomerancblum
