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Petrobras Sets July Diesel Imports as It Moves Toward Self-Sufficiency
Petrobras says it will need to import diesel in July after three months without foreign cargoes. The company, led by Magda Chambriard, notes that domestic output covers about 70% of national demand. The interruption in maintenance work was tied to the regional conflict over Iran, but officials stress plans to reach diesel self-sufficiency and to deploy a R$5 billion investment under the Novo PAC to advance key projects.
Demand, Imports, and Refinery Activity
Official figures show roughly 30% of Brazil’s fuel demand is met through imports, with Petrobras providing the remainder from local production. In the first quarter, refined product output rose by about 6.7% year over year, led by diesel and aviation kerosene, which together accounted for most of the total refined output. Refinery utilization averaged around 95% for the quarter and climbed to 97.4% in March, the strongest rate since late 2014, helped by the Iran-related tension. Diesel production, including the S10 grade, reached a quarterly high of 512 thousand barrels per day. Across all diesel types, production rose about 7.7% from the same period a year earlier, to roughly 715 thousand barrels per day. Petrobras also reported a small increase in diesel sales, up about 0.7% in January–March to around 739 thousand barrels per day.
UFN-III Fertilizer Unit and Novo PAC Investment
At the ceremony to resume work on the UFN-III fertilizer unit, attended by President Luiz Inácio Lula da Silva, Chambriard confirmed a new commitment to finish the project with a R$5 billion injection. The unit is currently 81% complete after a long pause in 2015, with construction continuing as part of the Novo PAC program. Officials note the project remains on track to complete the remaining work by 2029. The restart underscores Petrobras’ broader push to expand production capacity in the fertilizer segment.
Conclusion
Petrobras remains on a dual track: meeting current demand through imports this July while pressing toward diesel self-sufficiency. The company notes that roughly 70% of Brazil’s diesel is produced locally, with about 30% met by imports to bridge a temporary gap. The effort is anchored by a Novo PAC investment of R$5 billion to finish the UFN-III fertilizer unit—currently about 81% complete and targeted for completion by 2029—and to expand fertilizer production to strengthen domestic supply. Refinery utilization has stayed high (roughly 95%–97% in the latest period), supporting robust diesel output even as maintenance delays tied to the Iran conflict limited foreign cargoes. The ceremony with President Lula highlighted continued political support for expanding local production. Together, these steps reflect Petrobras’ strategy to reduce reliance on imports while increasing capacity and resilience across refining and fertilizer segments.
Frequently asked questions
- Why will Petrobras import diesel in July? In July, Brazil needs diesel from abroad. Local output covers most demand, but not all. After three months without imports, some extra supply is needed.
- How much of Brazil’s diesel demand is met locally, and how much is imported? About 70% is produced locally. About 30% is imported.
- What did Magda Chambriard say about diesel self-sufficiency and big investments? She said Petrobras aims for diesel self-sufficiency. She announced a R$5 billion investment in the Novo PAC unit to finish it.
- What is the status of the UFN-III unit and why does it matter? UFN-III is about 81% complete. When finished (in 2029), it will boost fertilizer output and help local supply, showing bigger expansion plans.
- How did the Iran conflict affect refinery use and diesel output? Refinery use rose as maintenance was delayed to keep local supply. In March, utilization reached 97.4%, the highest since 2014, helping diesel output.