After Facing Legal Battles With Unions and Oil Workers, Petrobras Finalizes Sale of RLAM Refinery in Bahia for $1.65 Billion

Written by Flavia Marinho

Published on 25/03/2021 at 10:56

Updated on 25/03/2021 at 11:12

Refinaria RLAM Petrobras – Bahia / Fonte: Reprodução – Via Google

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Another Billion-Dollar Disinvestment by Petrobras, After Facing Unions and Oil Workers, the State-Owned Company Finalizes the Sale of the RLAM Refinery in Bahia

Although Unions and oil workers tried to prevent the sale of the Landulpho Alves Refinery, Petrobras informed in a relevant fact yesterday afternoon (03/24) that it finalized with the Mubadala Capital group the contract for the sale of shares of the RLAM company and its associated logistics assets in the state of Bahia for the amount of US$ 1.65 billion.

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According to Petrobras, the contract provides for adjustments to the sale price based on variations in working capital, net debt, and investments until the closing of the transaction. The oil company also reports that the operation is subject to the fulfillment of precedential conditions, such as approval by the Administrative Council for Economic Defense (CADE).

“Until the fulfillment of the precedential conditions and the closing of the transaction, Petrobras will maintain normal operations at the refinery and all associated assets. After closing, Petrobras will continue to support Mubadala Capital in the operations of RLAM during a transition period. This will occur under a service provision agreement to avoid any operational interruption. Petrobras and Mubadala Capital reaffirm their strict commitment to operational safety at RLAM during all phases of the operation”, said Petrobras in the statement.

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The Petrobras RLAM refinery is located in São Francisco do Conde in the state of Bahia, has a processing capacity of 333 thousand barrels/day (14% of Brazil’s total oil refining capacity), and its assets include four storage terminals and a set of pipelines that connect the refinery and the terminals totaling 669 km in length.

Other Divestments by Petrobras Aside from RLAM – Bahia

Petrobras also received binding proposals for the sale of the Presidente Getúlio Vargas Refinery (REPAR) in Paraná, but decided to terminate the process, as the conditions of the submitted proposals fell short of Petrobras’s economic-financial evaluation. Thus, the state-owned company will promptly initiate a new competitive process for this refinery.

Competitive processes for the sale are also ongoing to sign purchase and sale contracts:

Alberto Pasqualini Refinery (REFAP) in Rio Grande do Sul
Isaac Sabbá Refinery (REMAN) in Amazonas
Abreu e Lima Refinery (RNEST) in Pernambuco
Gabriel Passos Refinery (REGAP) in Minas Gerais
Northeast Lubricants and Petroleum Derivatives (LUBNOR) in Ceará
Shale Industrialization Unit (SIX) in Paraná.

After Facing Legal Battles With Unions and Oil Workers, Petrobras Finalizes Sale of RLAM Refinery in Bahia for $1.65 Billion

Another Billion-Dollar Disinvestment by Petrobras, After Facing Unions and Oil Workers, the State-Owned Company Finalizes the Sale of the RLAM Refinery in Bahia

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Other Divestments by Petrobras Aside from RLAM – Bahia

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After Facing Legal Battles With Unions and Oil Workers, Petrobras Finalizes Sale of RLAM Refinery in Bahia for $1.65 Billion

Another Billion-Dollar Disinvestment by Petrobras, After Facing Unions and Oil Workers, the State-Owned Company Finalizes the Sale of the RLAM Refinery in Bahia

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Other Divestments by Petrobras Aside from RLAM – Bahia

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Without bricks, without cement, and without endless construction: the cardboard house that is assembled in modules and can be moved.

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Tire road? Thousands of shredded tires were secretly placed under a ramp in California, preventing a one-year delay in a project on weak soil and supporting a 26-foot-high structure in a corridor connected to I-880.

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