Odebrecht Plans Sale of Petrochemical Braskem to Mubadala, the Sovereign Fund of the United Arab Emirates

Written by Flavia Marinho

Published on 19/04/2021 at 11:06

Updated on 27/04/2021 at 16:49

Trabalhadores da petroquímica Braskem do Grupo Odebrecht / Fonte: Reprodução Google

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Odebrecht Seeks Buyers for Braskem Petrochemical in the United States, Middle East, Europe, China, Japan, and Southeast Asia

The Braskem petrochemical, part of the Novonor Group – formerly Odebrecht, is under consideration for acquisition by the sovereign wealth fund of the United Arab Emirates, Mubadala. Negotiations are regarding the purchase of 50.1% of the company, which is part of the judicial recovery program of Odebrecht/Novonor.

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Petrobras, which owns the remainder of Braskem, seems not to oppose the deal. The state-owned company already has an ongoing process with the Arab fund, concerning the sale of the Landulpho Alves Refinery (RLAM).

According to Broadcast Estadão, other interested parties are also expected to join, such as the Dutch LyondellBasell, which may resume negotiations for a stake in Braskem.

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Novonor stated that “it is possible that different buyers may have more interest in some assets than others, but the goal is to sell Novonor’s stake in the consolidated company.” Currently, Braskem is valued at approximately US$ 7 billion on the stock exchange.

Braskem is the largest producer of thermoplastic resins in the Americas, with an annual volume exceeding 20 million tons, including the production of other basic chemicals and petrochemicals. The company operates 41 industrial units located in Brazil, the USA, Germany, and Mexico, the latter in partnership with the Mexican Idesa.

OEC Wins Contract and Will Build Oil Refinery Valued at Over US$ 900 Million in Angola

Odebrecht announced in March that it will build a new oil refinery in Angola. The chosen company to carry out the works is OEC, which operates in the engineering and construction sector of the Odebrecht group.

The oil refinery will be built in the Cabinda province, located about 30 km north of Luanda, the capital of Angola. The contract value is estimated at US$ 920 million, and the installation works are expected to begin between April and May of this year (2021).

The total capacity of Odebrecht’s oil refinery will be around 60,000 barrels per day of crude oil, which will be processed into gasoline, diesel, aviation fuel, kerosene, and also fuel oil.

According to Odebrecht, the contract signed between OEC and Cabinda Oil is essential to boost its projects division, as there was a significant decline when the group was implicated in the Federal Police’s Operation Car Wash between 2014 and 2015, disrupting OEC’s operations in Brazil, Latin America, and Africa. The expectation is that this new project will bring better visibility to the controlling group.

With 26 Active Contracts in Brazil and Abroad, Odebrecht Expects to Rebuild and Revenue US$ 1.1 Billion in 2021

Odebrecht plans to rebuild and close the year 2021 with US$ 1.1 billion in revenue. Nearly six years after the arrest of Marcelo Odebrecht, which devastated the construction company, the group is trying to strengthen the company with new projects and a potential partner to help finance the recovery.

Currently, Odebrecht has 26 active contracts, of which 15 are in Brazil and 11 abroad, in countries such as Panama, Peru, Argentina, Guyana, Angola, Ghana, and the United States.

In addition, the company has generated revenue from six projects in the last 12 months. The company’s president, Marco Siqueira, is optimistic and expects to double the revenue this year to US$ 1.1 billion, around R$ 6 billion.

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Odebrecht Plans Sale of Petrochemical Braskem to Mubadala, the Sovereign Fund of the United Arab Emirates

Odebrecht Seeks Buyers for Braskem Petrochemical in the United States, Middle East, Europe, China, Japan, and Southeast Asia

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Major Oil, Gas, and Energy Event Will Take Place in Brazil: Macaé Energy Will Gather Petrobras, Equinor, Prio, Among Other Suppliers and Energy Executives for Business, Networking, and Employment Opportunities

OEC Wins Contract and Will Build Oil Refinery Valued at Over US$ 900 Million in Angola

With 26 Active Contracts in Brazil and Abroad, Odebrecht Expects to Rebuild and Revenue US$ 1.1 Billion in 2021

Submit Your Resume to the Odebrecht Group

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Odebrecht Plans Sale of Petrochemical Braskem to Mubadala, the Sovereign Fund of the United Arab Emirates

Odebrecht Seeks Buyers for Braskem Petrochemical in the United States, Middle East, Europe, China, Japan, and Southeast Asia

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