Brazil's state-controlled Petrobras signed a 24-month transshipment contract with offshore oil terminal operator Acu Petroleo.
The agreement covers 48 operations with either VLCC or Suezmax vessels and can extended for an additional 24-month period. Petrobras currently exports crude through its private Angra dos Reis and São Sebastiao terminals in Rio de Janeiro and Sao Paulo states, respectively.
The company exported 428,000 b/d of crude in 2018, down by 16pc compared with 2017. Exports are expected to track a projected 13pc increase in domestic production this year.
Located in Rio de Janeiro, the Acu terminal has capacity to handle up to 1.2mn b/d and storage for up to 2mn b/d.
The terminal is operated by Acu Petroleo, a joint venture between port operator Prumo and Germany's Oiltanking.
Volumes handled at the port totaled around 40mn bl in 2018 and are expected to double by 2020, Acu Petroleo said.
Shell, Portugal's Galp and Norway's Equinor also have STS contracts at Acu.
