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Petrobras Plans to Expand Its Operations in the Petrochemical Sector After the Government Change.
The decision of Petrobras regarding its 36.1% stake in Braskem will impact the possibility of a future petrochemical project at the Gaslub Hub in Itaboraí (RJ), according to directors of the state-owned company. The partner company of Petrobras in Braskem, Novonor, has received a new offer from Adnoc, the state-owned company from the United Arab Emirates, which is willing to pay R$ 10.5 billion for Novonor’s 38.3% stake, leaving Petrobras with a 3% stake.
Conditions of Petrobras’ Non-Binding Offer for Braskem
The non-binding offer from Petrobras for Braskem presents several conditions, the most important being Petrobras’ right of first refusal in case of sale or increase of stake in Braskem. Petrobras intends to expand its activities in the petrochemical segment, as the demand for these products is more resilient than for other petroleum derivatives, especially in the context of the energy transition. The company expressed its interest in not nationalizing Braskem, but rather in having a strategic partner in the project.
William França, executive director of industrial processes and products, highlighted the importance of the decision regarding Braskem for the future of Petrobras in conference calls held this Friday (11/10). He noted that the outcome of the negotiations is expected by early 2024 and that the presence of components such as ethane and propane in the pre-salt gas favors Petrobras’ expansion in the petrochemical sector, which will have positive impacts for Itaboraí, as it will provide a new source of raw materials for the petrochemical industry.
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In the future, the region will have access to new resources that can be used in petrochemical projects processing pre-salt gas in Itaboraí.
Currently, the state-owned company is focused on completing the gas pipeline Rota 3 and the processing unit for natural gas (UPGN). Additionally, a catalytic hydrocracking (HCC) unit is planned to be installed for the production of lubricants and derivatives in joint operations with Reduc in Duque de Caxias (RJ).
An alternative considered for the region is the eventual construction of a biorefinery, aimed at producing advanced biofuels, such as green diesel (HVO) and aviation biojet fuel (bioQAV or SAF). The chief financial officer and investor relations manager, Sérgio Caetano Leite, highlighted that negotiations are underway between Novonor and Adnoc, and the development of this area can occur independently of Petrobras’ stake in Braskem.
Petrobras’ Alternatives in the Petrochemical Sector
Petrobras is exploring other options in the petrochemical sector beyond Braskem, which is a quicker and more practical exit but not the only alternative available for the state-owned company. Other options include its own refineries and the GasLub project. However, Petrobras is currently subject to a non-compete agreement with Braskem, which limits its options.
Source: EPBR Agency
