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

Offshore

MOL Signs Long-Term Charter with Uruguayan JV for FSRU

Japanese shipping company Mitsui O.S.K. Lines, has, through its wholly-owned subsidiary Lakler S.A., agreed to conclude a charter contract with Gas Sayago, for

Migrants Survivors Tell of Struggle at Sea

The bodies of 21 women and one man were brought ashore to Sicily on Friday as fellow migrants described scenes of panic and violence when water poured into their dinghy.

Three Keppel Dredgers for Jan De Nul

Keppel Offshore & Marine Ltd (Keppel O&M)'s wholly owned subsidiary Keppel Singmarine Pte Ltd (Keppel Singmarine) has secured contracts from Jan De Nul Group to

Finance

Turkey’s Role for the Tanker Market

 Even though the coup attempt in Turkey  failed and the transportation situation normalized quickly thereafter, Poten & Partners take a look at the

China’s One Belt, One Road: Will it Reshape Global Trade?

The future of trade in Asia could depend heavily on what becomes of China’s expansive One Belt, One Road initiative, which calls for massive investment in and

IOC Mulls Buying GSPC's Stake in Mundra Terminal

Indian Oil Corporation (IOC), the country's largest oil company,  is in talks to buy debt-laden Gujarat State Petroleum Corp’s (GSPC) stake in the under-construction Rs.

 
 
Maritime Security Maritime Standards Naval Architecture Navigation Offshore Oil Pod Propulsion Salvage Ship Electronics 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: 0.0915 sec (11 req/sec)