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The representative of the petrochemical company stated that there is no updated information regarding the commercialization of Novonor’s stake. So far, there has been no progress in the sale process.
As of the ninth month of 2024, Braskem has reserved R$ 3.2 billion, leaving R$ 2.4 billion for the period after the third quarter of 2025, when the company plans to finalize the closure of the wells and urban mobility projects in the city.
(With Reuters)
Shortly, the PCF (financial compensation program) will be completed, according to what was said. The company has already allocated R$ 5.7 billion for the development of the program, with R$ 4.4 billion already spent.
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The company has provisioned a total of R$ 14.4 billion to deal with the events related to the soil subsidence in Maceió, in addition to the PCF, such as the closure of salt mining wells, among other issues. According to the executive, about R$ 9.2 billion has already been used.
Braskem Does Not Rule Out Possibility of Confidential Negotiation
However, the employee did not rule out the possibility that the negotiation has progressed, as it is ongoing in secret.
“Braskem is not involved in the negotiations,” he emphasized.
Freitas stated that Braskem plans to finalize the actions of the relocation and compensation plan for the residents of Maceió affected by the soil subsidence, which led to the closure of several neighborhoods in the Alagoas capital in early 2024.
“As far as we know, the response has not been given,” said Pedro Freitas, CFO of Braskem (BRKM5), regarding the non-binding proposal submitted by Adnoc, the state oil company of the United Arab Emirates, earlier this month, to acquire the stake held by Novonor in the petrochemical company.
The executive noted that “the adoption of a more thorough audit process, for example, has not yet been initiated by Adnoc; and the audit of Petrobras is well advanced, close to completion.”
During the presentation, Braskem predicted that next year will have a market with lower capacity influx and possible rationalization movements by low-scale and non-integrated producers.
The company sees the normalization of interest rates as a driver of demand growth.
Also at the Investor Day event, the petrochemical company stated that <a href='https://www.infomoney.com.br/business/adnoc-entrega-proposta-nao-vinculante-pelo-controle-da-braskem-no-valor-de-r-105-bi/’ rel=’noopener’ target=’_blank’>there are no updates on negotiations with Adnoc.
Braskem expects that spreads in the international market will recover due to greater balance between global supply and demand, at least until 2026. Last year, spreads, which represent the difference between the price of raw material and the product, decreased due to a drop in global demand.
The petrochemical company attributes the market downturn to the slowdown in economic activity and investments in capacity made in recent years in the sector.
This analysis shows that Braskem is optimistic regarding the recovery of spreads in the international market and provides a detailed explanation of the factors that contributed to the decline and its expectations for the future.
Variation in Economic Recovery Post-Crisis
He emphasized that the recovery will not be quick and that it will not be uniform for all products. According to him, some products in the portfolio are more resilient and were less affected during the downturn, while others were more impacted.
“Therefore, the new cycle will also not be uniform for all products. It will have different speeds and dynamics, in response to the balance between supply and demand in the global market,” he stated. “But we understand that 2024 already represents an evolution,” he added, **highlighting the importance of the year 2024 as a milestone for progress in economic recovery**.
In their presentation to investors during Investor Day, held on Tuesday (28), the company’s leaders Braskem (stock=BRKM5) highlighted a perspective of market improvement. They stated that the petrochemical sector’s downturn, which reached its most critical point recently, may be coming to an end.
According to Braskem‘s CEO, Roberto Bischoff, “We expect that 2023 possibly represented the worst moment, and starting from the year 2024, we anticipate a recovery in terms of the international scenario, based on a greater balance between global supply and demand,” he told analysts.
Source: InfoMoney
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