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Even with an active war involving Russia, with no end in sight, Brazil’s President Jair Bolsonaro believes that Petrobras will finalize the sale of the Nitrogen Fertilizer Unit to the Russians soon.
The purchase of Petrobras’ Nitrogen Fertilizer Unit (UFN3), located in the city of Três Lagoas, Mato Grosso do Sul, was made by Acron, a Russian business group. The announcement of the deal was made earlier this month by the Minister of Agriculture, Tereza Cristina. The expectation now, according to President Bolsonaro, is that the sale will be finalized by mid-year.
See Also
- After Years of Negotiation, Petrobras Sells Fertilizer Factory in Mato Grosso do Sul to Russian Company
- Strengthening Ties with Russia in the Nuclear Energy Segment, Brazil May Gain Promising Projects for Small Modular Reactors
Bolsonaro’s expectation that the sale process between Petrobras and Acron will be completed by mid-year was mentioned in an interview of the Brazilian president with TV Record. Watch it below:
The construction of the fertilizer factory in Três Lagoas began in 2011 and was halted in December 2014. At that time, Petrobras had terminated the contract with the consortium that won the bidding for the construction.
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In February 2017, Petrobras announced the sale of the Nitrogen Fertilizer Unit. The state-owned company aimed to address financial losses and claimed there was no longer interest in the fertilizer sector. Currently, the losses have already exceeded R$ 3.8 billion.
Negotiation between Petrobras and Russian Business Group over Fertilizers Had Been Ongoing for More Than Five Years
The Russians had already expressed interest in purchasing the fertilizer factory from the beginning. What hindered the negotiation earlier was the difficulty Russia faced in importing natural gas from Bolivia.
During this period, the negotiations between the Russians and Petrobras were also suspended, as the Minister of the Supreme Court (STF), Ricardo Lewandowski, prohibited the government from privatizing state-owned companies without the approval of the National Congress.
Later, when judging the merits of the case, the STF authorized the sales of subsidiaries that had legislative approval.
The topic of “fertilizers” had been the main subject of discussion between Jair Bolsonaro and Russian President Vladimir Putin during their meeting, which lasted over three hours, on the 16th.
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