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Rlam da Bahia is one of eight refineries that Petrobras has put up for sale, which together add up to half of Brazil's fuel production capacity.
Mubadala Capital won the bid for the Landulpho Alves Refinery (Rlam), from Petrobras, in Bahia, with an offer of US$1,65 billion, the state-owned oil company informed in a material fact this Monday, in the first conclusion for the sale of a refinery announced by the company.
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Petrobras refinery in Bahia is being delivered for half the amount, says Ineep
According to the Institute for Strategic Studies on Petroleum, Natural Gas and Biofuels (INEEP). Petrobras' Rlam is being delivered for half its value which, at the current exchange rate, would be between US$ 3 billion and US$ 4 billion. To arrive at this value, Ineep used the Discounted Cash Flow (DCF) method, which is based on the present value of cash flows projected into the future. From the result, the rate that reflects the business risk, capital expenses (investment in fixed capital) and additional working needs are deducted.
“The data reveal that Rlam has an important potential for future cash generation which, depending on the premises used, may be undervalued at this point of sale”, says Rodrigo Leão, technical coordinator of Ineep.
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Together with Rlam, 669 kilometers of oil pipelines are being delivered, which connect the refinery to the Petrochemical Complex of Camaçari and to the Madre de Deus Terminal, which is also being sold in a package that also includes three other terminals in Bahia (Candeias, Jequié and Itabuna ).
Oil workers angry with Petrobras decision
The oil category received the announcement of the conclusion of the sale of Rlam "with a mixture of revolt and sadness". But oil workers are not going to sit idly by. In an assembly, they had already decided to carry out a strike, in case there was progress in the negotiations for the sale of Rlam. According to the management of Sindipetro Bahia, the wall movement is being organized and could happen at any time.
The signing of the purchase and sale contract is still subject to the approval of the competent bodies, but "the consequences of the sale of Rlam can already be anticipated and will not be good for consumers and for the country", says the coordinator of Sindipetro Bahia, Jairo Baptist. “The sale will impact the economy of Bahia and the municipalities located around the Rlam, in addition to reducing the levels of investment, employment and workers' rights”.
