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Roberto Castello Branco, President of Petrobras, Says Refineries Will Be Sold This Year and Responds to Criticism
According to the President of Petrobras, Roberto Castello Branco, the sale of the company’s eight refineries will be completed this year, in line with the commitment to open the market to private investors. The President stated that there are offers for all units: “We are pleased with the proposals, we received many offers for each of the refineries. None of them has been left without attention.”
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As a reminder, Petrobras has put the following refineries up for sale: Abreu e Lima (RNEST), Landulpho Alves (RLAM), Presidente Getúlio Vargas (REPAR), Alberto Pasqualini (REFAP), Gabriel Passos (Regap), Isaac Sabbá (Reman), Shale Industrialization Unit (SIX), and Northeast Petroleum Products and Lubricants (Lubnor).
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During the interview held at Petrobras headquarters in Rio de Janeiro, there were criticisms regarding idle refining capacity, and the president stated, “Many people in Brazil still accuse Petrobras of having idle refining capacity. In 2013, we had the highest utilization year for the refineries – 95%. And it was in 2013 that Petrobras lost the most money on refining.”
According to the refining and natural gas president, Anelise Lara, on the matter: “Today, dark derivatives, low-sulfur fuel oil, and ship bunker fuel are well valued. So, today it is advantageous to produce more of these dark streams.” She also reiterated that the average utilization rate of the refineries in 2019 was 79% and in 2018, 77%.
