Disinvestment – Petrobras Sells Refinery in Paraná State for R$ 178.8 Million

Located in the municipality of São Mateus do Sul, Petrobras’ refinery was sold to Forbes & Manhattan Resources (F&M Resources)

On Thursday (11/11), Petrobras published a statement informing that it closed a contract with Forbes & Manhattan Resources (F&M Resources) for the sale of a refinery located in the municipality of São Mateus do Sul, in the state of Paraná. The Shale Industrialization Unit (SIX) was sold for R$ 178.8 million. Also read this news: Petroleum Workers Request Suspension from Justice for the Sale of Refinery Isaac Sabbá (REMAN) in the State of Amazonas

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Divestment of Another Refinery by Petrobras 

In the statement published by Petrobras, the state-owned company emphasizes that the sale of the refinery in the state of Paraná is in compliance with Resolution No. 9/2019 of the National Energy Policy Council, which establishes guidelines to promote free competition in the country’s refining activities, as part of the commitment to open up Brazil’s refining industry, made between Petrobras and CADE (Administrative Council for Economic Defense).

Brazil’s largest oil company also announces that the company’s board of directors approved the divestment process of the refinery in Paraná, strictly following the divestment system approved by the Federal Court of Accounts (TCU). The divestment project for the SIX refinery (Shale Industrialization Unit) was approved by Petrobras at all levels of corporate governance.

The director of Refining at Petrobras, Rodrigo Costa, highlighted the importance of signing the contract for the sale of the refinery. According to him, this operation strengthens the repositioning strategy of Refining activities at Petrobras, and it is an important step in fulfilling the commitment made with CADE, as this is the third contract for the sale of refining units signed in 2021.

In Addition to the Unit in Paraná, the State-owned Company Sold Two More Refineries During the Year

Having completed the divestment process of the three refining units (RLAM, REMAN, and SIX) for which Petrobras signed sale contracts this year 2021, the state-owned company will still be responsible for about 50% of the Brazilian fuel market supply. Besides the company and the new operators of these refineries, the market is also served by importers and producers of biofuels.

This action reaffirmed Petrobras’ commitment to implementing its divestment plan. In the refinery segment, the state-owned company defines the assets to be sold through a strategic portfolio management approach. In this process, Petrobras is reducing investments to make more and better investments, focusing on new challenges, such as deep and ultra-deep water areas, and technological innovation in the other refining parks. The company is investing, turning resources into wealth and bringing benefits to society as a whole.

The president of F&M, Stan Bharti, emphasizes that SIX will continue to be a significant contributor and employer in the region where it operates, supporting the well-being of the local community. “The company plans to devote all attention and resources to ensure the maintenance of the excellence of the current operation while also exploring options for future expansion of SIX’s activities, ensuring that it operates according to the highest international standards, without interruption, for many decades. We will always support the local communities where the projects are located and Forbes hopes to support the area around the SIX facilities.”