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Lease Auctioned by Petrobras Has a Term of 25 Years, with Possibility of Extension. The STS08A Auction – Port of Santos, Holds the Title of the Largest Port Leasing Auction in the Last 20 Years
Petrobras informed in a material fact that it auctioned yesterday (11/19), the port area named STS08A, at the Port of Santos, for R$ 558.2 million, in an auction held by the Ministry of Infrastructure and the National Agency of Waterway Transportation (Antaq). Currently, Transpetro, a company of the Petrobras group, already operates the area.
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According to the oil company, the lease of the auctioned area of the Port of Santos has a term of 25 years, with a possibility of extension.
The area of the Port of Santos is designated for the movement, storage, and distribution of liquid bulk (fuels). The criterion for the auction was the highest grant amount, without a minimum bid.
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With a length of 225 meters and a capacity of 76 thousand tons, this ship “sinks” its own deck down to 28 meters deep to accommodate war destroyers, oil platforms, and giant radars floating above, and then emerges with everything intact on top like a colossal tray crossing oceans.
The STS08A Auction – Port of Santos, Holds the Title of the Largest Port Leasing Auction in the Last 20 Years
The STS08A terminal – Port of Santos, has a planned investment of R$ 678.3 million over the contract period.
The initial plan for the auction of the Port of Santos was larger. The government received no bids for a second liquid terminal area (STS 08) that was also under the current administration of Petrobras’ subsidiary.
Even with this shortfall, the auction of STS08A holds the title of the largest port leasing auction in the last 20 years.
There are almost R$ 700 million of investments in an area of 297.3 thousand square meters, with a pipeline connection to the Presidente Bernardes refinery and the Cubatão terminal, through which it connects to the existing refineries in the state of São Paulo.
Petrobras’ Gross Debt of Over 160 Billion Dollars Falls to 59.6 Billion, Reaching the Set Goal More Than a Year in Advance!
The debt that seemed unpayable for Petrobras: in 2014, expenses reached approximately US$ 1.7 billion per quarter; the significant reduction is a demonstration of the financial rebalancing process achieved by the Brazilian oil giant.
Petrobras informed the market in a relevant fact on Tuesday (11/16) that it is significantly reducing the amount of interest and charges on its financial debt. The expenses with these financing fell to US$ 669 million in the 3rd quarter of 2021, a figure about 31.1% lower than the US$ 971 million spent in the 3rd quarter of 2020. When comparing the first nine months of 2021 with the same period last year, the reduction was also significant: a decrease from approximately US$ 2.8 billion to around US$ 2.3 billion, a reduction of 17.9%.
For many, this debt seemed unpayable. However, Petrobras set the goal of reducing its total gross debt (financing and leases) to US$ 60 billion, an amount considered healthy for a company like Petrobras, by the end of 2022. Recently, in the results for the 3rd quarter of 2021, Petrobras reported that it reduced its gross debt to US$ 59.6 billion, thus achieving the set goal more than a year in advance. Read the full article here.
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