Brazil’s Petrobras cuts LNG imports by 56 pct

Brazil’s state-controlled oil and gas company Petrobras said its liquefied natural gas imports dropped by 56% in the first half of this year.

Petrobras attributed this decline to higher domestic gas supply and lower thermoelectric demand in Brazil.

LNG imports into Brazil stood at 54 Mbbl/d (thousand barrels per day), as compared to 122 Mbbl/d in the same period a year before, Petrobras said in its second-quarter report.

Petrobras is aiming to reduce its role in the Brazilian natural gas and LNG industry. The company recently announced it will sell its LNG terminals in Rio de Janeiro and Ceará, along with the thermoelectric power plants associated with these terminals.

The Brazilian company also said it is selling its LPG distribution unit, Liquigás Distribuidora.

Petrobras’ net income fell 30 percent to 370 million reais ($118 million) in the second-quarter compared with a profit of 531 million reais a year earlier, according to the report.

LNG World News Staff