Ineep: Petrobras consolidates its strength in the refining market.
Meanwhile, private refineries suffered a sharp drop in processing in 2024, according to the survey.
247 - A report by Ineep (Institute for Strategic Studies of Oil, Natural Gas and Biofuels), released on Tuesday (3), points to the strengthening of Petrobras' refining sector in 2024, with the state-owned company reaching processing records.
"In 2024, Petrobras consolidated its position in the refining sector by registering significant advances, including the inauguration of the Boaventura Energy Complex in the state of Rio de Janeiro, and a significant increase in the utilization factor of its refineries (FUT). The total volume of processed oil showed slight growth compared to 2023, with 91,6% of domestic oil being used in the state-owned company's units," the document states.
Ineep attributed the decline, among other factors, to the weakening of the private refining sector. "Furthermore, the company achieved processing records, registering growth of 1,2% compared to the previous year, which, given the sharp decline in private refining, ensured the stability of the national refining park. During this period, the state-owned company expanded the production of derivatives such as gasoline A, diesel oil, and jet fuel, while LPG and naphtha showed a reduction," the document states.
"On the other hand, the private sector recorded a significant contraction in refining. Oil processing in private refineries fell by 10,3% in 2024, with REAM, in the state of Amazonas, standing out with a 67,1% reduction and maintaining zero processing rates since June 2024," the document says.
Furthermore, Ineep warned against dependence on imports in the petroleum derivatives sector, which increases domestic costs. "Maintaining a structural dependence on imports of refined products exposes the country to fluctuations in the external market, increasing costs and vulnerabilities. To overcome the primary export profile and add value to the production chain, it is essential to invest in the modernization and expansion of refining infrastructure, in expanding processing capacity, and in improving supply logistics," the document states.
"Petrobras' total imports of refined products in 2024 were 593 bpd. In 2024, Petrobras' total exports of refined products were 788 bpd," the document states.
