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Petróleo Brasileiro S.A. – Petrobras informs that in April it registered total diesel sales of around 824,000 bpd, representing 59% growth in comparison with sales in April 2020. In the comparison with April 2019, without the impacts on demand resulting from the pandemic, there was a growth of 12%. Also in April 2021, Petrobras exceeded... Continue Reading →
Petróleo Brasileiro S.A. – Petrobras informs that its Executive Board approved, on today's date, the execution of amendments to the Commitment Terms (TCCs) signed with the Administrative Council for Economic Defense (CADE), with the purpose of extending the deadline for Petrobras to continue with the negotiations for the effective conclusion of the negotiation processes and signing of... Continue Reading →
(Reuters) Chevron Corp's (CVX.N) first-quarter profit fell 29% compared with the same period a year ago as gains from oil and gas prices were undercut by weaker refining margins, production losses and the impact of an asset sale that benefited results last year. Oil companies are generally enjoying a recovery in energy prices, up at least a... Continue Reading →
Petróleo Brasileiro S.A. – Petrobras informs that it has decided to close ICMS (VAT tax) contingencies with the State of Rio de Janeiro, in the total estimated amount of R$ 1.530 billion, through the disbursement of R$ 544 million, with an avoided cost of 64%. The decision is based on the special installment payment program... Continue Reading →
(Reuters) Brazil's antitrust authority CADE said Wednesday it had postponed deadlines for divestitures by state-controlled oil company Petroleo Brasileiro SA, including its refineries, natural gas pipelines and its stakes in natural gas distribution companies. Refineries Isaac Sabba, REFAP and Lubnor may be sold by July 31st. The sale of RNEST, SIX and REGAP needs to... Continue Reading →
China Petroleum & Chemical Corp swung to a first-quarter profit from a loss a year earlier, with net income reaching 18.54 billion yuan ($2.86 billion), amid a recovery in global oil prices and robust demand for refined oil products. Asia's top oil refiner, also known as Sinopec, posted a 19.15 billion yuan loss during the... Continue Reading →
(TNPetroleo) Government representatives, MME's Secretary of Petroleum and Natural Gas, José Mauro Ferreira Coelho, and the director general of ANP, Rodolfo Saboia, defend the program for the sale of the Petrobras refineries. "We think that divestment in refining is fundamental to create the new market," said Coelho. The secretary argues that, without new investments in... Continue Reading →
Portugal's Galp Energia on Monday reported a 13% slump in adjusted first-quarter net profit, hit by a decline in oil production owing to constraints caused by the COVID-19 pandemic and slower refining activity. Galp suspended output at its largest refinery in Sines and its smallest, Matosinhos, in April 2020. It resumed production at both locations... Continue Reading →
(Reuters) - Brazil’s government is considering using some of the proceeds from an upcoming oil auction to create a fund that would protect domestic consumers from swings in fuel prices, a source with direct knowledge of the matter told Reuters. The proceeds would come from the planned November auction of the Atapu and Sepia deepwater... Continue Reading →
(Reuters) - Royal Dutch Shell expects its fuel sales to fall or at best be broadly steady for the first quarter, the world’s biggest fuel retailer said on Wednesday, indicating fuel demand recovery has remained slow amid coronavirus restrictions. In a trading update, Shell said it saw refined oil product sales at 3.7-4.7 million barrels... Continue Reading →
Brazil Energy Insight 