Petrobras’ Eight Refinery Divestment Package Attracts Major Trading and Oil Companies Worldwide
Confirming the High Interest of Major Companies in Petrobras’ Refineries, as About 20 Companies have signed a confidentiality agreement granting access to refinery data, the list of major companies interested in the business is expected to confirm one of the largest divestments in Petrobras’ history, which could raise up to US$ 18 billion.
The companies requested confidentiality regarding their names to ensure the secrecy of negotiations, but it is speculated that interested parties include trading companies Vitol, Glencore, and Trafigura.
Among the Brazilian interests are Ultrapar Participações and Raízen, a joint venture between Brazilian Cosan and Shell.
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The Bidding
Petrobras divided the eight refineries into two groups of four, and the first round of non-binding offers will take place on October 11, according to sources collaborating with Reuters.
Combined, the eight Petrobras refineries have a total refining capacity of 1.1 million barrels per day.
Completing the list of interested parties, according to sources, are Chinese companies PetroChina Co and Sinopec, which already have a joint venture in Brazil with Spanish Repsol.
It is speculated that the Saudi giant Saudi Aramco is also looking at the Petrobras refineries’ numbers to participate in the bidding.
Due to Cade’s imposition, Petrobras changed the sales process; now the refineries must be sold in their entirety, not the 60% that was the initial intention of the oil company.
The purpose is to prevent cartel formation, and the refineries must be sold one by one, with the same company not allowed to buy two refineries in the same region, either in the Northeast or in the South.
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