Petrobras Hits 96.8% Refinery Utilization: Sets New Industry Benchmark

Petrobras, Brazil’s oil giant, has achieved remarkable milestones in its refinery operations. The company’s recent accomplishments showcase its commitment to innovation and efficiency.

These achievements have significant implications for Brazil’s energy sector and Petrobras’ global competitiveness. In September 2024, Petrobras’ Refinery Utilization Factor (FUT) reached an impressive 96.8%, the highest monthly result for the year.

The FUT measures how effectively refineries process crude oil compared to their designed capacity. The company maintained its momentum throughout the third quarter of 2024, achieving an accumulated FUT of 95.2%.

Petrobras has also made significant strides in processing pre-salt oil. In August 2024, the company processed 76% of its total load from pre-salt sources, surpassing the previous record of 73% set in June 2023.

This increased use of pre-salt oil allows for greater production of valuable middle distillates like aviation kerosene and diesel fuel.

Petrobras Sets Records in Q3 2024

Gasoline production reached new heights in the third quarter of 2024, with Petrobras producing 6.38 million cubic meters. Asphalt production also saw significant gains, with 803,000 tons produced in the same period.

Two refineries set individual production records in September: Reduc produced 32,000 tons, while Repar achieved 51,000 tons of asphalt production.

Petrobras attributes these successes to several key factors: investments in refinery modernization projects, improved asset reliability, process optimization, and the application of innovative technologies.

The company has maintained a strong focus on safety and environmental values throughout this process.

These improvements in refining operations have significant economic implications. Petrobras is now better positioned to meet domestic market demands and potentially increase its competitiveness in the global oil market.

Related coverage: Ibovespa Edges Up 0.17% as Oil Stocks Rally and Retailers Slump · Major Brazilian Exchanges Form Consortium for National Stablecoin · Controversial $3.8 Billion Energy Deal Shakes Brazil's Amazon · Azul Airlines Restructures R$3 Billion Debt with Creditors

More: Brazil news in English, every day from The Rio Times.

This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief

LatAm Markets: Live Signals → — real-time movers, turnover leaders and FX across Latin America.