June 1, 2020 / 11:32 PM / 2 months ago

Petrobras CEO says oil storage not an issue for company

FILE PHOTO: Roberto Castello Branco, CEO of Petroleo Brasileiro S.A. (PETROBRAS), speaks during a compliance event in Rio de Janeiro, Brazil December 9, 2019. REUTERS/Sergio Moraes

RIO DE JANEIRO (Reuters) - Oil stocks held by Brazilian state-run oil firm Petroleo Brasileiro SA are “paradoxically” very low, Chief Executive Roberto Castello Branco said during an online event on Monday, as the company has strong demand for its products overseas.

During the event hosted by Rio de Janeiro think tank Fundacao Getulio Vargas, Castello Branco said Petrobras had invested heavily in its overseas trading arm since he took over in January 2019, which was paying off in the form of increased oil and fuel exports.

Reporting by Gram Slattery; Editing by Leslie Adler

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