Grepar Will Sue for Cancellation of Lubnor Sale by Petrobras (PETR4)

Written by Paulo Nogueira

Published on 27/11/2023 at 17:44

Petroleira anunciou que o cancelamento ocorreu pela ausência de cumprimento de condições precedentes no prazo definido

Be the first to react!

Therefore, the oil company reported that the failure to meet the preconditions within the established timeframe resulted in cancellation. The company is taking steps to address this situation.

On the last business day of the week, the president of Petrobras, Jean Paul Prates, informed reporters that the company had no intentions of selling its refineries and that it intended to invest in the units to transform them into industrial parks, in addition to implementing initiatives geared towards energy transition.

The executive also stated on the same Friday that the repurchase of part of the refinery in Mataripe, located in Bahia, was being discussed with the Mubadala group, the owner of the unit, and that this possibility was on the table.

‘The termination is a demonstration of the commitment of President Lula’s government and the new leadership of Petrobras not to proceed with privatizations, ending the sale processes’, declared in a statement the general coordinator of the Federação Única dos Petroleiros (FUP), Deyvid Bacelar.

ARTICLE CONTINUES BELOW

Lubnor Refinery in Fortaleza

Located in Fortaleza, Lubnor has an authorized processing capacity of 8,200 barrels per day. The refinery is recognized as one of the main national producers of asphalt and is the only refining unit in Brazil that produces naphthenic lubricants.

The refinery was one of the facilities sold by Petrobras during Jair Bolsonaro’s government, but the transaction had not been finalized.

The current administration of Petrobras, under Luiz Inácio Lula da Silva, has shown opposition to the sale of refineries, reinforcing the strategic importance of these facilities for the country.

The company Grepar stated that “the alleged obstacle to the business due to agricultural conditions is unfounded.” The company emphasized that it met all established requirements and highlighted that only it has the right to request the cancellation of the contract.

Grepar is a Special Purpose Company (EPC) in Brazil, established in May 2022, with the sole purpose of purchasing Lubnor. Grecor Participações is a shareholder of the company.

“Grepar will take appropriate legal measures to protect its rights to be compensated for the losses and damages deliberately caused by Petrobras, disrupting an already agreed business,” the company stated in a release.

The oil company announced earlier today that the cancellation occurred due to the failure to meet the preconditions within the established timeframe, “despite the best efforts made by Petrobras to conclude the transaction.”

In Rio de Janeiro, Grepar plans to seek Justice to claim compensation for alleged losses and damages, after Petrobras (PETR4) canceled the sale of the Lubnor refinery, located in Ceará, and logistical assets, in an action that the buyer considered devoid of contractual grounds.

In the statement released this Monday, Grepar emphasized that, despite having the contractual right to demand the fulfillment of the purchase and sale agreement, it will not pursue the operation “due to the breach of trust and the clear intention of Petrobras not to continue with the contracted transaction”.

Source: InfoMoney

Grepar Will Sue for Cancellation of Lubnor Sale by Petrobras (PETR4)

Therefore, the oil company reported that the failure to meet the preconditions within the established timeframe resulted in cancellation. The company is taking steps to address this situation.

Lubnor Refinery in Fortaleza

A village with 115 inhabitants wants new residents: it offers a house, a job, up to 44 thousand euros in benefits, almost free rent, an annual grant of 8 thousand euros for 3 years, and a 20 thousand euro incentive for businesses in the mountains of Italy.

NASA is offering US$ 750,000 to people from anywhere in the world who solve a problem that could decide survival on Mars: creating food for astronauts without relying on resupply from Earth.

Elon Musk’s internet comes to mobile: Starlink technology connects smartphones without an antenna via satellite, works even without carrier signal, already costs just US$10 extra in the US, and could arrive in Brazil as an included benefit.

While countries spend billions to draw water from the sea, a Nobel-winning scientist creates a container-sized machine that extracts up to 1,000 liters per day from dry air and uses ultrasound to release water in minutes, even in the middle of the desert.

After 16 years and almost 600 prototypes, a Chinese inventor unveils the world’s smallest and cheapest manned jet, at just 3.80 meters long and costing US$7.2 thousand in materials.

Belgium will sink 23 giant concrete caissons, each weighing 22,000 tons, in the North Sea to build the world’s first artificial energy island 45 km off the coast, forming offshore electrical walls.

With a wingspan of 152 meters, 76 tires, and a capacity to carry 1,270 tons, the Boeing Pelican was the giant “flying ship” that promised to cross oceans close to the water on an invisible air cushion beneath its wings.

Car dealerships avoid these used cars like they’re bombs: famous engines, problematic belts, and expensive transmissions can turn a common purchase into a huge loss in the USA.

Germany installed vertical solar panels on a lake in Bavaria, and the result broke conventional logic: instead of producing energy at midday peak, the plant generates more early in the morning and in the evening, exactly when families turn on appliances and factories are in full swing.

More than 160 million gallons of water, equivalent to 240 Olympic swimming pools, need to be pumped to remove a 100,000-ton nuclear aircraft carrier from dry dock; each of these ships undergoes a complete overhaul costing US$2.8 billion.

With installments starting from R$ 999 per month, a 75 hp 1.0 engine, a 7-inch TFT digital panel, and standard stability control, the Citroën C3 is the cheapest hatchback in Brazil in 2026 and still leaves Kwid, Argo, and Mobi behind in onboard technology.

How the US Army’s light armored vehicle mounts an anti-drone shield with radar, electronic warfare, a 30mm cannon, and interceptors capable of paralyzing entire swarms in the air

Grepar Will Sue for Cancellation of Lubnor Sale by Petrobras (PETR4)

Therefore, the oil company reported that the failure to meet the preconditions within the established timeframe resulted in cancellation. The company is taking steps to address this situation.

Lubnor Refinery in Fortaleza

A village with 115 inhabitants wants new residents: it offers a house, a job, up to 44 thousand euros in benefits, almost free rent, an annual grant of 8 thousand euros for 3 years, and a 20 thousand euro incentive for businesses in the mountains of Italy.

NASA is offering US$ 750,000 to people from anywhere in the world who solve a problem that could decide survival on Mars: creating food for astronauts without relying on resupply from Earth.

Elon Musk’s internet comes to mobile: Starlink technology connects smartphones without an antenna via satellite, works even without carrier signal, already costs just US$10 extra in the US, and could arrive in Brazil as an included benefit.

While countries spend billions to draw water from the sea, a Nobel-winning scientist creates a container-sized machine that extracts up to 1,000 liters per day from dry air and uses ultrasound to release water in minutes, even in the middle of the desert.

After 16 years and almost 600 prototypes, a Chinese inventor unveils the world’s smallest and cheapest manned jet, at just 3.80 meters long and costing US$7.2 thousand in materials.

Belgium will sink 23 giant concrete caissons, each weighing 22,000 tons, in the North Sea to build the world’s first artificial energy island 45 km off the coast, forming offshore electrical walls.

With a wingspan of 152 meters, 76 tires, and a capacity to carry 1,270 tons, the Boeing Pelican was the giant “flying ship” that promised to cross oceans close to the water on an invisible air cushion beneath its wings.

A 45 km² oil slick appears in satellite images near Kharg Island, an area that accounts for 90% of Iran’s oil exports.

While Petrobras operates at 7,000 meters in the pre-salt layer, China is extracting oil and gas at 10,910 meters onshore — Shenditake 1 is the world’s first onshore well to exceed 10 km.

Brazil discovers natural hydrogen in four states and enters the silent race that could redraw the energy transition: Petrobras has already invested R$ 20 million in studies.

Trump promises transparency in Venezuela’s oil, but secret deals and corruption allegations continue to surround the billion-dollar sector.

Oil near US$100 raises tension on Wall Street and amplifies global fear about inflation, energy, and the Middle East crisis

Car dealerships avoid these used cars like they’re bombs: famous engines, problematic belts, and expensive transmissions can turn a common purchase into a huge loss in the USA.

Germany installed vertical solar panels on a lake in Bavaria, and the result broke conventional logic: instead of producing energy at midday peak, the plant generates more early in the morning and in the evening, exactly when families turn on appliances and factories are in full swing.

More than 160 million gallons of water, equivalent to 240 Olympic swimming pools, need to be pumped to remove a 100,000-ton nuclear aircraft carrier from dry dock; each of these ships undergoes a complete overhaul costing US$2.8 billion.

With installments starting from R$ 999 per month, a 75 hp 1.0 engine, a 7-inch TFT digital panel, and standard stability control, the Citroën C3 is the cheapest hatchback in Brazil in 2026 and still leaves Kwid, Argo, and Mobi behind in onboard technology.

How the US Army’s light armored vehicle mounts an anti-drone shield with radar, electronic warfare, a 30mm cannon, and interceptors capable of paralyzing entire swarms in the air