Petrobras Declares Force Majeure On Oil Deliveries in Santos and Rio

Wednesday, August 01, 2001
Brazil's state oil giant Petrobras said Tuesday it declared force majeure on Monday on oil deliveries to barges in the ports of Santos and Rio de Janeiro.

Petrobras said it was forced to declare force majeure to clients due to a federal police investigation into an alleged crime ring at the ports that is impeding deliveries.

While the force majeure was declared to clients on Monday, Petrobras only confirmed it late Tuesday. "Petrobras declared force majeure on all of the oil delivery operations in Rio and Santos ports," a Petrobras spokesman said. He said he did not know how long the force majeure would be in place. The spokesman said the force majeure would hit outgoing oil deliveries to foreign and local clients, but declined to give more details about daily exports or deliveries at the ports. He said incoming oil deliveries would not be affected.

"Our clients have the information they need," the spokesman said. "The police investigation is out of our hands, and we can't say when the problem will be cleared up."

Analysts said that the force majeure declaration would not have a big impact on oil supply and demand even if both imports and exports were affected as long as it is short-lived.

"If it's only a short period of time, it shouldn't matter, said Myles McDougall, an oil sector analyst at ABN Amro in Sao Paulo.

"There should be enough oil stocks and oil on barges to absorb a delay over a few day period, but there could be some issues if it went beyond that," he said.

Analysts said Petrobras' hard-won reputation as an efficient oil company that wants to compete with the major oil giants could take a knock if the problem is not resolved quickly.

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter April 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

Shipping Industry Flying On The Dragon’s Back

As the many Greek players in the shipping industry know well, the legend of Icarus tells us the dangers of flying too high. Merchant vessel earnings eventually

Subsea 7 Profits Dip in Q1

Subsea 7 S.A. announced its financial results for the first quarter ending March 31, 2016, reporting revenues of $746 million, down 37 percent from the prior year period.

Sembcorp Profit Halved as Clients Defer Projects

Revenue falls 30 pct; order book at S$9.7 billion. Singapore rig-builder Sembcorp Marine's quarterly profit halved as customers deferred projects, and it faces

Finance

Shipping, Key Ingredient of EU’s Africa Agenda

The African economy has become one of the most promising global growth markets. Shipping is taking care of the largest part of international trade and in Africa

Ocean Economy Set to Double in Size by 2030

The world’s oceans must be managed well to ensure the potential of an “ocean economy” that was worth US $ 1.5 trillion in 2010.   "Calculations based on the

Chevron Suffers Loss, Plans Job Cuts

Chevron Corp. reported a first-quarter loss as slumping oil prices continued to drag down revenue. The company said that it is "on target" to lay off a total of 8000 workers by the end of 2016,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Navigation Pod Propulsion Salvage Ship Electronics Ship Repair Ship Simulators Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0795 sec (13 req/sec)