Petrobras’ LNG imports down in Q1

Brazil’s state-controlled oil and gas company Petrobras said Thursday its first-quarter liquefied natural gas (LNG) imports dropped by 78 percent year-on-year.

LNG imports into Brazil stood at 16 Mbbl/d (thousand barrels per day) last year as compared to 74 Mbbl/d the year before, Petrobras said in its quarterly results report.

Petrobras attributed this decline mainly due to the improvement of the hydrological conditions in Brazil which led to lower thermoelectric demand in the country.

The Brazilian company reported a net income of 4.4 billion reais ($1.42 billion), as compared to a loss of 1.2 billion reais in the first quarter of 2016. This represents the company’s best profit in two years.

The company’s adjusted EBITDA was up 19 percent in the quarter, reaching 25.25 billion reais.

LNG World News Staff