Mon, 30 Nov 2020

Brazil's Petrobras reports less loss in Q3

Xinhua
29 Oct 2020, 13:30 GMT+10

RIO DE JANEIRO, Oct. 28 (Xinhua) -- Brazil's state-run oil company Petrobras on Wednesday unveiled a net loss of 236 million U.S. dollars in the third quarter of this year, well below the figure in the previous quarter.

The company posted a loss of 417 million dollars in the second quarter and a loss of 9.7 billion dollars in the first quarter, but it gained a profit of 2.3 billion dollars in the third quarter of 2019.

According to the Rio de Janeiro-based company, it sold more oil and oil by-products in the third quarter amid higher market prices, and its loss in the period was due to financial expenses.

The company also said that the domestic demand for oil derivatives recovered in the third quarter of this year, and its sales of the products grew by 18 percent compared with the previous quarter.

Meanwhile, Petrobras said that its exports remained strong in the third quarter although it was impacted severely by the COVID-19 pandemic and lower global demand, but its crude oil exports to China has returned to the pre-pandemic level.

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