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

Offshore

Coast Guard tactical air squadron holds change of command ceremony

Capt. Kevin P. Gavin relieved Capt. Donna L. Cottrell as commanding officer of Coast Guard Helicopter Interdiction Tactical Squadron Jacksonville during a change of command ceremony at HITRON Friday.

Shell Commited To Russia Expansion Despite Sanctions

Royal Dutch Shell is committed to expansion in Russia, Chief Executive Ben van Beurden told Russian President Vladimir Putin at a meeting on Friday amid sanctions

Russia Ships First Oil From Offshore Arctic Platform

President Vladimir Putin hailed Russia's first shipment of Arctic offshore oil on Friday, saying the platform decried by environmentalists will help Moscow expand its global energy markets share.

Finance

India's Reliance Q4 Sales Rise

Indian energy company Reliance Industries Ltd posted nearly flat fourth-quarter profits, in line with estimates, as a slimmer margin in its oilrefining business offset higher revenue.

Schlumberger Announces Q1 Results

Schlumberger Limited (NYSE:SLB) today reported first-quarter 2014 revenue from continuing operations of $11.24 billion versus $11.91 billion in the fourth quarter of 2013, and $10.

New sanctions threats as Ukraine stalemate goes on

A day after an international deal in Geneva to defuse the East-West crisis in Ukraine, pro-Russian separatists vowed not to end their occupation of public buildings

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Offshore Oil Pipelines Salvage Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar
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: 0.1058 sec (9 req/sec)