Chinese demand breaks Petrobras fuel oil sales record

Brazilian oil company Petróleo Brasileiro SA (Petrobras) sold 1.11 million tonnes of fuel oil last month, 231 percent more than a year earlier and the most in any month yet, BNAmericas reports, quoting Petrobras Chief Executive Roberto Castello Branco.

The business intelligence website quotes Mr Castello Branco as telling an online seminar last week that demand from China drove up sales.

Mr Castello Branco said Petrobras was focusing on its exports, much of which goes to Asia in general and China in particular.

“The biggest commodities client worldwide is always China,” he said. Brazil has “competitive advantages in natural products and they do in manufactured goods,” he added.

Petrobras is well placed to increase sales in Asia after leasing last year four storage tanks in the eastern Chinese port of Qingdao, which have a combined capacity of 2 million barrels of crude oil, BNAmericas says