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Negotiations for a New Naphtha Supply Contract Advance Between Braskem and Petrobras
Negotiations between Braskem and Petrobras for the celebration of a new naphtha supply contract have advanced, and the companies are about to sign a long-term agreement, as reported yesterday by Valor PRO, a real-time information service from Valor.
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According to Valor, the agreed terms, which will be announced soon, are “positive” and “balanced” for both parties, considering the current scenario. The state-owned company, the second-largest shareholder of Braskem, is also its main supplier, and naphtha remains the most used raw material in operations in Brazil.
The naphtha contract with Braskem is expected to be signed within the first half of the year. Meanwhile, agreements regarding the supply of propylene and gas for Riopol in Rio de Janeiro and for São Paulo, which expire in 2021, are still under negotiation.
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The rapprochement between Petrobras and Braskem, which had been increasing raw material imports, was noticed by the market, especially in recent weeks. With the drop in fuel consumption in the domestic market, following the isolation measures to contain the spread of COVID-19, Petrobras found itself with a naphtha surplus, and Braskem agreed to sit down to negotiate additional volumes – the company is the only buyer of naphtha in the Brazilian market. In early May, the petrochemical company announced the signing of an amendment to the contract signed in 2015, agreeing to purchase additional naphtha in April, replacing the volumes that would have been imported.
