Petrobras to Sell a Number of Refineries
Petrobras has restarted the sale processes of the Abreu e Lima Refinery (RNEST), in Pernambuco; Presidente Getúlio Refinery Vargas (REPAR), in Paraná; and Alberto Pasqualini Refinery (REFAP), in Rio Grande do Sul, Brazil, as well as the logistics assets integrated into these refineries.
The main subsequent stages of the sale processes of these three refineries will be informed to the market in a timely manner.
Petrobras’ refining divestment plan represents approximately 50% of the national refining capacity, totaling 1.1 million bpd of processed oil, and considers the full sale of the following assets: Abreu e Lima Refinery (RNEST), Shale Industrialization Unit (SIX), Landulpho Alves Refinery (RLAM), Gabriel Passos Refinery (REGAP), Presidente Getúlio Vargas Refinery (REPAR), Alberto Pasqualini Refinery (REFAP), Isaac Sabbá Refinery (REMAN) and Lubricants and Petroleum Derivatives do Nordeste (LUBNOR), as well as the logistics assets integrated to these refineries.
The sale of these eight refineries is being conducted in accordance with Decree 9188/2017 and the Petrobras Divestment System, through independent competitive processes, which are in different stages, as widely disclosed by the company. The operations are in line with Resolution No. 9/2019 of the National Energy Policy Council, which established guidelines for the promotion of free competition in the refining activity in the country, and are part of the commitment signed by Petrobras with CADE in June 2019 to the opening of the refining sector in Brazil.
Petrobras concluded the sale of RLAM, on 30 November 2021, and the REMAN, LUBNOR and SIX refineries have already had their purchase and sale agreements signed and are awaiting the fulfillment of the conditions precedent, among them, the obtaining of regulatory approvals, to be completed. REGAP is in the binding phase.
The divestments in refining are in line with the portfolio management strategy and the improvement of the company’s capital allocation, aiming at maximising value and greater return to society.
Hydrocarbon Engineering by Bella Weetch, July 28, 2022