| Petrobras sets exports record in 2008
In 2008, Petrobras exported a record volume of 673,000 barrels per day of oil and derivatives, 9.4% more than in 2007 and topping-out with a volumetric surplus of 103,000 barrels per day. Total exports amounted to $21.245 billion, 42.7% above a year earlier.
In spite of the volumetric surplus, the balance was negative by $926 million on account of price volatility in the international market. The deficit arises from the price differences between the 439,000 barrels/day of heavy oil that were exported and the 373,000 barrels/day of the imported light product, which has a higher market value.
The difference between the imported derivative prices, particularly diesel, naphtha, and LPG, of higher added value, and the exported ones, notably gasoline and fuel oils, also impacted the balance.
The export and import figures, and an explanation on how Petrobras calculates its trade balance follow below.
Trade Balance Calculation
To calculate its trade balance, Petrobras only includes the oil and derivative figures, i.e., only liquid products. Bolivian gas is not figured in. The balance is prepared considering the export and import values registered by the Company’s accounting, in compliance with Brazilian and international accounting standards.
The amounts Petrobras considers for exports are the physical shipments of oil and derivatives from Brazil, and, in addition to the exports that are actually figured in, exports in progress are also included. For imports, the amounts correspond to the deliveries made by the suppliers in the ports overseas.
With specific authorization granted by the National Petroleum Association (NPA), companies established in Brazil are free to import and export oil and derivatives, according to their needs, something which has in fact been taking place. Therefore, Brazil’s oil and derivative balance includes commercial movements of other industry agents, not of Petrobras alone.
It must also be emphasized that the trade balance figures Petrobras announces are part of the Country’s consolidated numbers. Because of this, they differ from those registered by the NPA and by the Integrated Foreign Trade System (Siscomex), part of the Treasury Ministry’s Foreign Trade Department (Secex).
The NPA posts the oil, derivative, and natural gas imports and exports made by all companies in Brazil, using statistical data the Secex makes available as a source.
The amounts for all physical receipt and shipment operations made by Petrobras in Brazil are registered in advance (some 48 hours) in the Siscomex. However, such records are only included in the Federal Government’s statistics after the respective Internal Revenue Department processes and certificates have been completed.
The deadline to complete export processes is 60 days, while 20 days for the corresponding import processes, both beginning on the physical shipment and arrival dates in the Country. FOB (US$) values are considered both for exports and for imports.
Source : Communiqué PETROBRAS
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