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Brazil authorises Petrobras to export idle LNG cargoes

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LNG Industry,

Reuters are reporting that Brazil's Petroleo Brasileiro SA has been authorised to export idle LNG in the spot market.

Petrobras has been given the green light to export up to 6.6 million m3, assuming this would not result in supply problems for the domestic market.

As a state-controlled company, some of Petrobras' commercial strategies require energy ministry authorisation.

Petrobras operates three regasification terminals in Brazil, which were built in a time when the country was seeing high economic growth rates and natural gas consumption was strong.

But demand fell in the last two years while Brazil went through its deepest recession on record, and local production continued to grow.

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