There are more than 20 interested parties in the first 4 Petrobras refineries, says Castello Branco

There are more than twenty interested parties in the first phase of the Petrobras refinery sale program, which began in June

There are more than two dozen interested parties in the first phase of the Petrobras refinery sale program, said this Tuesday the president of the state-owned oil company, Roberto Castello Branco, while participating in a committee in the Senate. The sales program started in June, with the offer of four units, click here and understand

“With regard to the first 4 refineries, I say that there is great interest, the number exceeds two dozen interested parties”, he said in a public hearing at the Senate Infrastructure Committee.

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Petrobras intends to sell 8 of its 13 refineries. Together, they have a refining capacity of 1,1 million barrels per day, which represents almost half of the country's entire refining capacity. The aim is to conclude negotiations by 2021.

The disposal will be done in 2 stages. In this first phase, Petrobras plans to sell the Rnest refineries, in Pernambuco; Rlam, in Bahia; Repar, in Paraná; and Refap, in Rio Grande do Sul, as well as their corresponding logistical assets.

In July, the company started the non-binding phase related to this step, when it informed that qualified potential buyers would receive a descriptive memorandum containing more detailed information about the assets in question, in addition to instructions.

Another four refineries will still be put up for sale, as part of a broad divestment plan by the company that provides for the sale of eight refining units in total, which represent half of the country's capacity.

White Castle made a broad defense of the company's divestment plan in the legislative House. According to him, the high indebtedness “ends up consuming resources that could generate wealth for the country”.

“To pay off debts, divestment revenue is mandatory. Only with organic cash generation is impossible, since 35% of revenue is subtracted from us with interest payments, ”he said.

The sale of the refineries, an important part of the company's divestment project, was consolidated in June through an agreement with Cade (Administrative Council for Economic Defense).

To increase competition in the gas market as well, the state-owned company entered into a 2nd agreement, which determines the sale of its stake in natural gas transport and distribution companies.

The executive pointed out that a previous plan for the sale of refineries, launched during Petrobras' previous administration, which was not successful, attracted only five interested parties, which included BR Distribuidora, fuel company recently privatized by Petrobras.

This time, Castello Branco pointed out that BR is not participating in the sale process and that currently, however, he pondered that the company is not interested in petrochemicals, since raw material prices are not attractive.

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