Brazil’s state-controlled oil and gas company Petrobras said Tuesday its liquefied natural gas (LNG) imports dropped by 65 percent last year.
LNG imports into Brazil stood at 37 Mbbl/d (thousand barrels per day) last year as compared to 105 Mbbl/d the year before, Petrobras said in its full-year 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.
Petrobras is reducing its role in the Brazilian natural gas and LNG industry. The company announced last year it would sell its LNG terminals in Rio de Janeiro and Ceará, along with the thermoelectric power plants associated with these terminals.
The Brazilian company reported a $4.25 billion loss in 2016 as compared to a $11 billion loss in the year before.
LNG World News Staff