The Definition at Braskem May Unlock Investments in the Former Comperj.

Written by Paulo Nogueira

Published on 13/11/2023 at 01:57

Updated on 13/11/2023 at 08:27

Foto aérea de planta do antigo Comperj, que teve as obras paralisadas em 2015, hoje Polo Gaslub, para processamento de gás e produção de lubrificantes (Foto: Cortesia PAC)

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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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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

The Definition at Braskem May Unlock Investments in the Former Comperj.

Petrobras Plans to Expand Its Operations in the Petrochemical Sector After the Government Change.

Conditions of Petrobras’ Non-Binding Offer for Braskem

Petrobras’ Alternatives in the Petrochemical Sector

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The Definition at Braskem May Unlock Investments in the Former Comperj.

Petrobras Plans to Expand Its Operations in the Petrochemical Sector After the Government Change.

Conditions of Petrobras’ Non-Binding Offer for Braskem

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