Brazil’s Petrobras To Participate In Israeli Gas Tender

Petrobras, a Brazilian state-run oil company, will participate in Israel’s recent tender for offshore oil and gas exploration, Yuval Steinitz, Energy Minister, Israel, disclosed this week. Steinitz announced the deal as Jair Bolsonaro, President, Brazil, began a 4-day visit to Israel.

Bento Albuquerque, Energy Minister, Brazil, was also present with Bolsonaro in Israel. Steinitz disclosed the finalization of Petrobras, which is amongst the largest energy firms in the world, to participate in the oil and gas exploration process in Israel. Calcalist, a news website from Israel, had reported that an authorized announcement might be made at the time of Bolsonaro’s visit. Petroleo Brasileiro SA, as the firm is officially known, was not available for immediate comment. In the last decade, a number of big gas inventions offshore Israel and in nearby eastern Mediterranean waters have made Israel a potentially profitable prospect for huge energy firms.

On a similar note, Petroleo Brasileiro SA came into the news as it disclosed the approval of a new costing policy. In the latest policy, diesel prices at its refineries are supposed not be readjusted more than once a 15 Days, the firm disclosed this week. The firm is as well creating a payment card system to let customers such as truck fleet owners and truckers buy particular products at predetermined charges.

The product “might assist in managing the threat of customer price fluctuations,” and will probably be ready in about 90 Days. In May 2018, a huge truckers’ strike over diesel charges paralyzed Brazil. It led to the resignation from the firm’s chief executive officer. After this incident, leaders have remained sensitive to the likelihood of a repeat. In the statement, the firm proclaimed that it will maintain its present hedging practices and continue its policy of not costing the fuel below worldwide parity.

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