EIG's Brazil Oil Port to Boost Exports With Repsol as New Client [Financial Post (Toronto, Ontario, Canada)]
REPSOL SA SP/ADR (REPYY)
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Source: Financial Post
Author of the article: You can save this article by registering for free here . Or sign-in if you have an account. (Bloomberg) — EIG Global Energy Partners has added Spanish oil major Repsol SA as a client for shipping crude overseas from its port facilities in southeast Brazil. Repsol has agreed to use Porto do Acu for oil transshipment operations, according to Victor Bomfim, who manages EIG-controlled terminal operator Vast Infraestrutura at the port in Rio de Janeiro state. Vast's terminal is close to Brazil's two main offshore oil basins and currently handles about half the oil exports in Latin America's biggest producing country. A Repsol spokesperson confirmed the contract with Vast. Bomfim said he expects Brazilian exports to rise to about 3 million barrels a day in 2030, a two-thirds increase from current daily levels of 1.8 million barrels due to an increase in oil production. He said a lack of domestic refineries to process the added output means oil needs to be
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