Negotiations between Petrobras and Ultrapar about the REFAP refinery, in Rio Grande do Sul, had started in early January of this year

Petrobras announced last Friday (1/10) that negotiations with Ultrapar for the sale of the Alberto Pasqualini Refinery (REFAP), located in the state of Rio Grande do Sul, had failed. The company will start a new competitive process for this refinery. Negotiations between the companies had started in January, at the beginning of this year. Also read this news: Petrobras is studying the possibility of raising fuel prices at refineries again

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End of negotiations between the companies for the refinery, in Rio Grande do Sul

In a note published to the press, Petrobras says that despite the efforts made by both companies in this process of selling the refinery in the state of Rio Grande do Sul, certain critical conditions were not successful for an agreement, opting for the closure of negotiations in course, without penalty to either party.

Ultrapar informed that critical conditions ended up unbalancing the equation of risk and expected return. "With this, Ultrapar informs that it will not renew its binding proposal to Petrobras, opting to end the ongoing negotiations, without penalties for either party," it said in a note.

In January, Petrobras had confirmed negotiations with Ultrapar for the sale of the Refap refinery

Petrobras confirmed in early January that it was negotiating with Ultrapar Participações for the sale of the Alberto Pasqualini Refinery (REFAP), in Rio Grande do Sul. The competition was also disputed by Raízen and Sinopec. The company also received proposals for the sale of the Presidente Getúlio Vargas Refinery (REPAR), in Paraná, which are under analysis.

Ultrapar, in a material fact, informed that Petrobras confirmed that its proposal was approved and that it started the process of negotiating the terms of the purchase and sale agreement and auxiliary contracts. "The potential acquisition of Refap will strengthen Ultrapar's position in the sector, contributing to a more complementary and synergistic business portfolio, with greater efficiency, potential to generate value for the entire chain and benefits for consumers", said the company.

The Refap: Petrobras' Alberto Pasqualini Refinery has the capacity to process 208 barrels/day and the sale includes two terminals in Rio Grande do Sul and pipelines connected to the refineries for the flow of derivatives. The unit is connected to the industrial units in Triunfo.

Check out this news: For BRL 994 million, Petrobras sells Refinaria Isaac Sabbá (REMAN), in the state of Amazonas, to Grupo Atem

Petrobras signed with the Atem Group, the contract for the sale of Refinaria Isaac Sabbá (REMAN), in Manaus, Amazonas, and its associated logistical assets for the amount of US$ 189,5 million (R$ 994,15 million). The refinery is the second among the eight that are in the process of being sold to have the contract signed. REMAN has a processing capacity of 46 barrels/day and its assets include a storage terminal.

The sale of REMAN is in line with Resolution No. 9/2019 of the National Council for Energy Policy, which established guidelines for promoting free competition in the refining activity in the country, and is part of the commitment signed by Petrobras with CADE for the opening of the refining sector in Brazil. REMAN's divestment process, approved by Petrobras' Board of Directors on this date, strictly followed the Divestment System approved by the Federal Audit Court (TCU). The refinery's divestment project was approved by all levels of Petrobras' corporate governance.