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

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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.

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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

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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

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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

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An entire island in the Pacific wants to surround itself with a colossal barrier against the ocean to try to escape increasingly violent waves and not be swallowed by the sea in the coming decades.

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Peru built a tunnel at an altitude of 4,738 meters cutting through the Andes Mountains, and the road leading to it reaches 4,818 meters, making it the highest paved road in the entire world.

Seen from space, an image taken by an astronaut shows in Argentine Patagonia the exact point where a colossal glacier, a turquoise-blue lake, and a greenish arm of water meet, creating one of the rarest and most impressive landscapes in the region.

In the Saudi Arabian desert, the world’s largest green hydrogen plant is 80% complete and will use 4 gigawatts of solar and wind energy to produce 600 tons of clean fuel per day when it opens in 2027.

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