Petrobras to boost gasoline, diesel imports in 2012
By JEFF FICK
Brazilian state-run energy giant Petroleo Brasileiro, or Petrobras, will need to import more gasoline and diesel fuel in 2012 as the company's refineries continue to fall short of domestic demand, Petrobras downstream director Paulo Roberto Costa told local business daily Valor Economico.
In an interview published Wednesday, Costa said Petrobras expects to import 80,000 bpd of gasoline and 160,000 bpd of diesel 
in 2012- nearly double the volume of daily fuel imports the company averaged in 2011.
The heavy fuel imports come despite an outlook for record refinery use of about 93% of capacity in 2012, up from 90% in 2011, Costa said.
Petrobras's press office confirmed Costa's comments.
The increase in fuel imports has led to heavy losses in the company's refinery segment in recent quarters. That's because Petrobras imports fuels at higher prices than what the company sells the fuel for in the domestic market.
Domestic gasoline and diesel prices were raised 10% and 2%, respectively, on Nov. 1, but the price hikes have not been enough to offset the higher international prices.
Petrobras is also suffering from delays to refinery projects that will help trim the company's shortfall.
The Abreu e Lima refinery in Pernambuco state, which will process 220,000 bpd, has been delayed by heavy rains and strikes by construction workers, Costa said. The refinery is expected to start up in July 2013 after an initial forecast for completion by the end of 2012.
The company has plans to build five refineries over the next few years to boost capacity to about 3.25 million bpd, up from current capacity of 1.9 million bpd. In 2011, Brazil consumed about 2 million bpd of refined oil products.
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