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Brazil Bets Storing Oil Near Teapots Will Boost China Sales

  • Petrobras starts delivering crude to rented tanks in Qingdao
  • Country vying with Iraq, Angola to be No. 3 supplier to China
Petroleos Brasileiros SA Gas Station Locations Amid CEO Exit
Photographer: Victor Moriyama/Bloomberg
Updated on

Brazil is making it easier for China’s teapots to buy Lula crude as it seeks to win more market share in the world’s biggest oil importer.

State-controlled Petroleo Brasileiro SA has rented offshore tanks in Qingdao in the eastern province of Shandong and delivered the first oil to them on Wednesday, Qingdao Port International said in a statement. Having local storage allows Petrobras to sell smaller volumes to the independent refineries, known as teapots, many of which are clustered in Shandong.