After Years Of Negotiation, Petrobras Sells Fertilizer Plant In Mato Grosso Do Sul To Russian Company

Written by Roberta Souza

Published on 05/02/2022 at 15:59

Updated on 05/02/2022 at 16:00

Foto: Reprodução Google Imagens – Moneytimes)

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Petrobras Confirms Sale of The Nitrogen Fertilizer Unit (UFN3) in Mato Grosso do Sul

Based on the announcement by Minister of Agriculture, Livestock, and Supply Tereza Cristina, G1 MS reported that Petrobras’ nitrogen fertilizer unit (UFN 3) in the city of Três Lagoas, Mato Grosso do Sul, has been sold to the Russian company Acron.

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On Friday (02/04), while R$ 70 million packages for macro-drainage and paving were launched in the city east of Mato Grosso do Sul, information regarding the sale was disclosed: “We just received news that Petrobras has completed the sale of UFN3 to Acron and we are already moving forward with additional arrangements with Governor Reinaldo Azambuja,” the minister stated.

It had previously been stated by the governor that the transaction for the sale of Petrobras’ fertilizer industry was at an advanced stage. “This venture is of utmost importance for Mato Grosso do Sul, both for the recovery of the municipality’s economy and for the self-sufficiency that the factory can bring in fertilizers, given that our state is highly dependent on this input,” emphasized Reinaldo Azambuja.

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About The Fertilizer Unit in Mato Grosso do Sul

Construction of the fertilizer plant began in 2011; however, it was halted at the end of 2014, when Petrobras broke the agreement with the consortium that had won the bid to carry out the work, citing contract noncompliance.

On February 11, 2017, Petrobras announced that UFN3 and Araucária Nitrogenados S.A. (Ansa) in Paraná were being put up for sale. This action was part of the state-owned company’s development strategy and its exit from fertilizer production in Brazil. In May 2018, after more than a year, Petrobras announced in a market communication that exclusive negotiations with the Russian company Acron would begin within 90 days.

With the sale of the Mato Grosso do Sul unit underway, in June of the same year, Supreme Court Minister Ricardo Lewandowski prohibited the government from privatizing state-owned companies without prior authorization from Congress through a preliminary injunction.

In June 2019, the plenary of the Supreme Court decided to uphold the minister’s decision regarding state-owned companies, but authorized the sale of subsidiaries, the subdivisions of the “parent companies,” without the need for approval from the Legislative Branch.

Shortly thereafter, Petrobras informed the market that it would resume the sale process for the fertilizer plant in Mato Grosso do Sul and also for Ansa. “Thus, Petrobras is resuming the competitive process for the sale of these units,” stated the company, adding that “the operation is aligned with optimizing the portfolio and improving the capital allocation of the company.”

Initially, Petrobras put UFN3 up for sale more than 4 years ago, in 2017, arguing that it had no more interest in remaining in the fertilizer segment. The Russian group showed interest in buying the plant but soon backtracked on the decision due to the hindrance for natural gas supply, which would be imported from Bolivia. Currently, the company is once again finalizing the negotiation of this strategic asset in Mato Grosso do Sul.

After Years Of Negotiation, Petrobras Sells Fertilizer Plant In Mato Grosso Do Sul To Russian Company

Petrobras Confirms Sale of The Nitrogen Fertilizer Unit (UFN3) in Mato Grosso do Sul

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About The Fertilizer Unit in Mato Grosso do Sul

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After Years Of Negotiation, Petrobras Sells Fertilizer Plant In Mato Grosso Do Sul To Russian Company

Petrobras Confirms Sale of The Nitrogen Fertilizer Unit (UFN3) in Mato Grosso do Sul

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