MOSCOW (MRC) -- Brazilian state-owned oil company Petroleo Brasileiro SA said it will meet global rules for lower sulfur content in all of its bunker fuel shipments starting from, well ahead of a 2020 deadline, said Hydrocarbonprocessing.
Petrobras, as the company is known, said in a statement that its bunker fuel would have a maximum sulfur content of 0.5% beginning Tuesday.
The International Maritime Organization will lower the sulfur content allowed in bunker fuel, used by ships, from 3.5% to 0.5% starting from 2020.
Petrobras began adjusting its refineries in April to comply with the rule and has already produced 1.2 million cubic meters of bunker fuel with sulfur content below the new limit, it said.
The company did not give a forecast for its annual production capacity for bunker fuel but said it would meet domestic Brazilian demand and export any surplus.
“The reduction of sulfur levels in bunker (fuel) offers Petrobras the opportunity to profitably increase its share of the global market,” Petrobras said in its statement.
As MRC informed earlier, in June 2019, Petroleo Brasileiro SA said it has signed a deal with local antitrust regulator CADE regarding the proposed sale of some of its refining installations. The company said the agreement will allow for increased competition in Brazil’s refining sector, by attracting new players to the business. Petrobras, as the oil firm is known, will sell eight refineries in seven different Brazilian states.
Headquartered in Rio de Janeiro, Petrobras is an integrated energy firm. Petrobras' activities include exploration, exploitation and production of oil from reservoir wells, shale and other rocks as well as refining, processing, trade and transport of oil and oil products, natural gas and other fluid hydrocarbons, in addition to other energy-related activities.
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