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 Reporter June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

Ocean Mineral Singapore Set for Seabed Exploration

Ocean Mineral Singapore Pte. Ltd. (OMS) has received approval from the International Seabed Authority (ISA) on its application for its first seabed exploration licence.

DNV GL Publishes Regulatory Roadmap for Floaters in the US

DNV GL announced it has mapped out what is necessary to be in compliance with U.S. Coast Guard (USCG) requirements to operate FOIs, FSOs and FPSOs in U.S. waters.

Second Typhoon Threatens Taiwan

The Taiwan military was collecting and distributing sandbags to guard against possible flooding on Tuesday as a typhoon bore down on the island after brushing the Philippines.

Finance

Scorpio Tankers: Latest Financial & Ship Delivery News

Scorpio Tankers Inc. says it has updated its stock buyback program; lists its latest new vessel deliveries, and gives the release date of its second quarter 2014 earnings report.

Box Ships Inc. Repays Commerzbank Loan

Greece-based Box Ships Inc. says it has repayed in full the outstanding amount under its loan agreement with Commerzbank AG dated July 29, 2011.  The outstanding amount of the loan,

Aker Philadelphia Shipyard ASA : Purchase of own shares

Aker Philadelphia Shipyard ASA (the "Company") (Oslo: AKPS) has on 21 July 2014 purchased 2,155 shares in the Company on Oslo Axess at an average price of NOK 160.

 
 
Maritime Careers / Shipboard Positions Naval Architecture Pipelines Pod Propulsion Port Authority Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1025 sec (10 req/sec)