Increased naphtha buying by Petrobras from North Africa increases pressure in the Mediterranean

19-Aug-11

Brazil's Petrobras is ramping up its purchases of North African naphtha, adding to pressure in the Mediterranean markets, as per Reuters. The Mediterranean is faced with tight supplies because of lost Libyan output and the export of nearly 100,000 tons from Russia to Asia this month. Traders reported the Brazilian oil company had won a tender to purchase a 40,000 ton cargo from Morocco's port of Mohammedia in September. It will follow the export of a cargo from Algeria's Skikda refinery, due to load later this week. Regional supply tightness is expected through September as traders report volumes for export from the Algerian plant are set to cross the Atlantic to South America next month.