September 30, 2019 / 9:53 PM / 23 days ago

Brazil's Petrobras meets new bunker fuel sulfur rules early

RIO DE JANEIRO, Sept 30 (Reuters) - Brazilian state-owned oil company Petroleo Brasileiro SA said it will meet global rules for lower sulfur content in all of its bunker fuel shipments starting from Tuesday, well ahead of a 2020 deadline.

Petrobras, as the company is known, said in a statement that its bunker fuel would have a maximum sulfur content of 0.5% beginning Tuesday.

The International Maritime Organization will lower the sulfur content allowed in bunker fuel, used by ships, from 3.5% to 0.5% starting from 2020.

Petrobras began adjusting its refineries in April to comply with the rule and has already produced 1.2 million cubic meters of bunker fuel with sulfur content below the new limit, it said.

The company did not give a forecast for its annual production capacity for bunker fuel but said it would meet domestic Brazilian demand and export any surplus.

“The reduction of sulfur levels in bunker (fuel) offers Petrobras the opportunity to profitably increase its share of the global market,” Petrobras said in its statement. (Reporting by Marta Nogueira in Rio de Janeiro Writing by Jake Spring Editing by Matthew Lewis)

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