Utilization rates are nearing pre-pandemic levels at refineries owned by Brazil’s Petrobras. A boost provided by resilient international demand for bunker fuel and lower fuel imports by competitors. Public data from last week showed refineries owned by Petrobras were operating at 75 percent capacity as of last week. The level was close to the operating capacity rate recorded before the pandemic really took hold in Brazil, at 77 percent.
The firm, in a statement, recognised increased exports of bunker fuel which is used by ships. The company has previously said demand for the product has been particularly strong in China. While the import of fuels by rivals has remained depressed, the company said demand for some fuels, particularly diesel, is growing rapidly in Brazil.
