Acelen is interested in keeping all refinery employees, whose have the option of being reallocated to other Petrobras units

Petrobras concluded negotiations for the sale of RLAM with Prince Abu Dhabi, who founded the company Acelen with the aim of managing and operating the Landulpho Alves-Mataripe (RLAM) oil refinery. The Group, which will take over the unit on December 1st of this year, has already announced its plans to expand production, in addition to seeking integration with other industries and boosting the economy of the state of Bahia.

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Watch the video below and check out the full statement by the Director of Refining and Natural Gas at Petrobras – Rodrigo Costa

The market expectation is that the new owner will invest in modernizing the unit, aiming to return to maximum production capacity. Currently, the refinery is limited to a maximum of 70% of its full operation.

The privatization of Rlam is part of a block of eight refineries that the oil company intended to dispose of. So far, in addition to Rlam, Reman, in Amazonas, has been negotiated. In this case, the final contract must be signed in 2022.

Headquartered in São Francisco do Conde, the refinery was acquired from Petrobras in March 2021 for US$ 1,65 billion and the completion of the acquisition operation is in the final phase, according to the parent company's statement.

The conclusion of the sale reflects the importance of portfolio management and strengthens Petrobras' strategy

According to the president of Petrobras, Joaquim Silva e Luna, the conclusion of the sale reflects the importance of portfolio management and strengthens the company's strategy: "This sale operation is an important milestone for Petrobras and the fuel sector in the country . We believe that, with new companies operating in refining, the market will be more competitive and we will have more investments, which tends to strengthen the economy and generate benefits for society. It is also part of the commitment signed by Petrobras with CADE to open up the refining market. From the company's point of view, it represents progress in its resource reallocation strategy. In the refining segment, Petrobras will focus on five refineries in the Southeast, with investment plans that will position it among the best refiners in the world in terms of efficiency and operational performance,” said Silva e Luna.

The president of Mubadala Capital in Brazil, Oscar Fahlgren, stated: “Our priority is to guarantee excellence in the production and operation of the refinery, in addition to a structured, smooth and seamless transition. It is about creating value with special attention to people and the environment. We always emphasize the long-term commitment we have with the country and regions where we operate. This is certainly one of Acelen's objectives”.

Acelen announces expansion and modernization projects, in addition to directing efforts to supply Bahia with petroleum products

Acelen's directors told the Bahia Econômica newspaper firsthand that they intend to maximize the use of the refinery's assets, investing in expansion and modernization projects, in addition to directing efforts towards the regional supply of oil derivatives, unlike what is currently happening with the refinery, which has been operating well below its capacity.

Also according to the newspaper, the Group wants to encourage the greatest possible integration with the existing industrial park in Bahia, especially the Petrochemical Complex, including evaluating the possibility of lengthening the production chain in order to stimulate the verticalization of production.

As an example, they remembered the possibilities of commercialization of by-products, such as Carbon Black in the rubber area, and other segments capable of establishing an integration strategy with local agents to lengthen the production chain.

Petrobras will maintain what is called an assisted operation for the first year and only gradually transfer full control to Acelen.

Acelen wants to keep all employees at the RLAM refinery in Bahia

Regarding labor, the company informs that in the sales process stability was guaranteed for all employees, but that the company's interest is to keep everyone, especially those with experience, seeking however to increase work productivity, increasing the competitiveness of the asset. According to the sales contract, those workers who do not want to stay at the company may be relocated to other Petrobras units.

The company informs that it will work preserving the environment, seeking to improve energy efficiency, the use of renewable energy and adopting a policy to expand the use of carbon credits. According to them, Acelen's strategy is the gradual transition from investment in high carbon to investments in low carbon, in accordance with the international strategy.

The executives also stated their intention to encourage the generation of local wealth in cooperation with municipal governments and also to expand tax collection, such as the ICMS, with the increase in production, and to act in cooperation with the government of the State of Bahia in stimulating the increase in local production and the development of new businesses.

RLAM was the first national refinery built in the country, starting operations in September 1950. It went through several operational upgrades. The refinery produces LPG, gasoline, diesel and petrochemical naphtha, among other products. In addition to facilities in Mataripe, RLAM has supply terminals and pipelines in the municipalities of Madre de Deus, Candeias, Jequié and Itabuna.

Mubadala Capital, which owns Acelen, is the asset management subsidiary of Mubadala Investment Company, a leading global sovereign investor based in Abu Dhabi. In addition to managing its own investment portfolio, the subsidiary manages US$9 billion of third-party capital from institutional investors, including a fund in Brazil, three private equity two funds of venture early-stage capital and a public fund.

Mubadala Investment Company is a sovereign wealth fund, which works as holding state of the United Arab Emirates. The organization is strongly linked to Mohamed bin Zayed, Crown Prince of Abu Dhabi.

In addition to RLAM, two other refineries have already had their sales contracts signed

In addition to RLAM, two other refineries have already had their sales contracts signed: the Isaac Sabbá Refinery (REMAN), in Amazonas, which was signed on 25/8, and the Shale Industrialization Unit (SIX), in Paraná, with a contract signed on 11/11. When the divestment processes for these two units are also completed, Petrobras will be responsible for around 50% of the fuel market supply in the country. In addition to Petrobras and the new operators of these refineries, the market is also supplied by importers and producers of biofuels.

Within the refining repositioning strategy, Petrobras reinforces its commitment to sell the REGAP, LUBNOR, REPAR, REFAP and RNEST refineries and is investing in technologies to make the refineries that will remain in the company doubly resilient, both from an environmental and economic point of view . The company will remain the largest refiner in the country, focusing on refineries in SP and RJ closest to oil production and the largest consumer centers, with 50% of the country's refining capacity. The projection is to double, in 5 years, the supply of S-10 diesel at these refineries, a product with lower emission levels, and at increasingly competitive costs.