Oil and Gas

Vibra increases diesel imports and sees no risk of shortages, says CEO

Oct, 05, 2023 Posted by Gabriel Malheiros

Week 202339

Vibra Energia has increased its diesel imports compared to mid-year volumes and sees no risk of fuel shortages in the country despite the volatility of global prices, stated the company’s CEO, Ernesto Pousada, to journalists on Wednesday (10/04).

The executive also noted that the company is currently operating with normal inventory levels.

“Regardless of prices, I don’t see any way diesel shortages will happen,” Pousada told journalists at the Vibra Oper Air event in Rio de Janeiro.

Global oil prices have been highly volatile and came close to $100 per barrel last week amid uncertainties about economic activity, supply and demand, and impacts from Russia’s decision to restrict fuel exports.

“We have recently increased our imports compared to what we were doing in the middle of the year, so regardless of the price, Vibra is continuing to import so that we may ensure the contracts we have will be met,” said the executive, without giving details on volumes.

Pousada said the company has not imported diesel from Russia. This country became Brazil’s main fossil fuel supplier this year, sending the product at lower prices than other, more traditional exporters while dealing with Western sanctions.

This statement comes despite Vibra’s announcement in August that it could start importing Russian-origin diesel, following impacts on its financial balance sheet. At the time, Pousada stated that the company believed these imports from Russia had become structural.

“We continue to believe that we made the right decision regarding ESG,” Pousada said on Wednesday.

The executive also denied that there are currently any talks with Petrobras about a possible revision of the contract to use the BR brand at Vibra’s fuel stations. Pousada reiterated that the company has the right to use the Petrobras brand until 2029, even after it was fully privatized during the previous government of Jair Bolsonaro.

On the previous day, Petrobras President Jean Paul Prates stated that the oil company is reviewing the contract with Vibra and could announce decisions next year. According to Prates, this is part of ongoing studies to find ways to re-engage in businesses related to end energy customers.

Source: Notícias Agrícolas
To read the original news report, visit: https://www.noticiasagricolas.com.br/noticias/politica-economia/360853-vibra-eleva-importacoes-de-diesel-e-nao-ve-risco-de-desabastecimento-diz-ceo.html

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