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Petrobras deepens cuts to refinery utilization

April 06/2020

MOSCOW (MRC) -- Brazilian state-run oil firm Petrobras is cutting its utilization rates at refineries from an already depressed level of 60%, a government official said, as demand for fuel plummets, said Reuters.

In an interview with radio personality Jose Luiz Datena, Brazilian Mines and Energy Minister Bento Albuquerque said April orders for Petrobras diesel, gasoline and jet fuel had fallen by 50%, 60% and 86%, respectively. Petroleo Brasileiro SA , as the firm is formally known, was further cutting utilization rates as a result, he said.

As MRC wrote previously, the chief executive of Brazilian state-run oil firm Petroleo Brasileiro said in December 2019 he wants to sell the company's stake in petrochemical company Braskem within 12 months.

Besides, Braskem is no longer pursuing a petrochemical project, which would have included an ethane cracker, in West Virginia. And the company is seeking to sell the land that would have housed the cracker. The project, announced in 2013, had been on Braskem's back burner for several years.

Ethylene and propylene are feedstocks for producing polyethylene (PE) and polypropylene (PP).

According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 215,390 tonnes in the first month of 2020, up by 23% year on year. Shipments of all grades of high density polyethylene (HDPE) and linear low density polyethylene (LLDPE) increased due to higher capacity utilisation at ZapSibNeftekhim. At the same time, PP shipments to the Russian market were 127,240 tonnes in January 2020, up by 33% year on year. ZapSibNeftekhim's homopolymer PP accounted for the main increase in shipments.

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.


mrcplast.com
Author:Anna Larionova
Tags:PP, PP block copolymer, homopolymer PP, PP random copolymer, Petrobras.
Category:General News
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