Another billionaire disinvestment by Petrobras, after facing unions and oil workers, the state-owned company finalizes the sale of the RLAM refinery, in Bahia
Despite Unions and oil workers trying to prevent the sale of the Landulpho Alves Refinery, Petrobras informed in a material fact yesterday afternoon (24/03) that it concluded with the Mubadala Capital group, the contract for the sale of the shares of the company RLAM and its associated logistical assets , in the state of Bahia, for US$ 1,65 billion.
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According to Petrobras, the contract provides for adjustments to the sale value due to changes in working capital, net debt and investments until the closing of the transaction. The oil company also informs that the operation is subject to the fulfillment of conditions precedent, such as approval by the Administrative Council for Economic Defense (CADE).
“Until the conditions precedent are fulfilled and the transaction closes, Petrobras will normally maintain the operation of the refinery and all associated assets. After closing, Petrobras will continue to support Mubadala Capital in RLAM operations during a transition period. This will happen under a service provision agreement, avoiding any operational interruption. Petrobras and Mubadala Capital reaffirm their strict commitment to operational safety at RLAM in all phases of the operation,” Petrobras said in the statement.
The Petrobras RLAM refinery, located in São Francisco do Conde in the state of Bahia, has a processing capacity of 333 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 in addition to RLAM – Bahia
Petrobras also received binding proposals for the sale of the Presidente Getúlio Vargas Refinery (REPAR), in Paraná, but decided to close the process, since the conditions of the proposals submitted fell short of Petrobras' economic and financial assessment. Thus, the state-owned company will timely start a new competitive process for this refinery.
Also in progress, with a view to signing the purchase and sale contracts, the competitive sales processes:
- Alberto Pasqualini Refinery (REFAP), in Rio Grande do Sul
- Isaac Sabbá Refinery (REMAN), in the Amazon
- Abreu e Lima Refinery (RNEST), in Pernambuco
- Gabriel Passos Refinery (REGAP), in Minas Gerais
- Lubricants and Petroleum Derivatives of the Northeast (LUBNOR), in Ceará
- Shale Industrialization Unit (SIX), in Paraná.
