Brazil's Transpetro, the logistics subsidiary of Petrobras, has signed shipping deals with commodities trader Trafigura and Ultrapar's fuel distribution unit Ipiranga, Chief Financial Officer Danilo Silva told Reuters, announcing a new revenue stream for the state-controlled oil company.
Transpetro previously provided sea transportation exclusively for Petrobras, but the subsidiary has now restructured operations to offer services to private-sector clients, Silva added.
The move allows the company to charter vessels and provide services for both coastal and long-haul routes, Silva said in a phone interview on Tuesday.
Transpetro has transported products by sea to private firms on a case-by-case basis, but the idea now is to make it a business, filling a gap in the market for Brazilian vessels, said Silva.
Under its agreement with Trafigura, Transpetro has already completed an international shipment of oil products, Silva said, describing the contract as a framework for other operations. He did not disclose financial terms.
Silva said expansion will proceed cautiously, with early discussions with other potential clients under way.
Transpetro operates 33 vessels, 46 terminals and about 8,500 kilometres of pipelines, the firm said.
(Reporting by Marta Nogueira in Rio de Janeiro Writing by Fabio Teixeira Editing by Matthew Lewis)
