The Petrobras refinery in Amazonas was sold to the Atem Group for US$ 189,5 million, equivalent to R$ 994,15 million

The Oil Workers Union of Amazonas (Sindipetro-AM), affiliated to the Single Federation of Oil Workers (FUP), filed a lawsuit against the sale of the Isaac Sabbá Refinery (Reman), in Manaus, to the Atem group. The argument is that the amount paid, US$ 189,5 million, corresponds to 70% of the fair market value, according to a calculation by the Institute for Strategic Studies on Petroleum, Natural Gas and Biofuels (Ineep). Also read this news: Negotiations between Petrobras and Ultrapar on the purchase of refinery in Rio Grande do Sul fail

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Oil workers call for negotiations to be halted

In the action, Sindipetro-AM requested an “urgent preliminary injunction” so that the negotiation between the companies for the Refinery, in degraded values, is immediately paralyzed, in order to avoid damage to the public coffers.

“The sale of REMAN, in addition to representing a serious risk to the consumer market in Amazonas, leading to the formation of a private monopoly, is even more serious with the low advertised value”, highlights lawyer Ângelo Remédio, from Advocacia Garcez, who represents the Amazonian union in action.

"However, according to Ineep, the refinery, which has an important potential for future cash generation, is valued at a minimum value, at the highest exchange rate this year, at US$ 279 million", said the FUP in a note.

The refinery was traded for a lower price

To calculate the value of the REMAN refinery, Ineep used the Discounted Cash Flow (DCF) method, which is based on the present value of cash flows, projecting them into the future. From the result, the rate that reflects the business risk, capital expenses (investment in fixed capital) and additional working needs are deducted.

According to the institute, this cash flow is calculated both for the company and for the shareholder. “It is considered a calculation model that presents greater technical and conceptual rigor, being, therefore, the most indicated and adopted in the evaluation of companies”, informs the note.

The sale of the refinery in the state of Amazonas by Petrobras

On August 25, with the Atem Group, Petrobras signed the contract for the sale of the Isaac Sabbá Refinery (REMAN), in Manaus, Amazonas, and its associated logistical assets for the amount of US$ 08 million (R$ 189,5 .994,15 million). The refinery is the second among the eight, which are in the process of being sold, to have the contract signed. REMAN has a processing capacity of 46 barrels/day and its assets include a storage terminal. 

The sale of REMAN is in line with Resolution No. 9/2019 of the National Council for Energy Policy, which established guidelines for promoting free competition in the refining activity in the country, and is part of the commitment signed by Petrobras with CADE, for the opening of the refining sector in Brazil.

REMAN's divestment process, approved by Petrobras' Board of Directors on this date, strictly followed the Divestment Systematic approved by the Federal Audit Court (TCU). The refinery's divestment project was approved by all levels of Petrobras' corporate governance.

Rodrigo Costa, director of Refining at Petrobras highlighted the importance of the operation: “The signing of the contract for the sale of the refinery in Amazonas represents another important step in the process of repositioning the refining activity at Petrobras. The company is investing to become more competitive and to position itself among the best refiners in the world, in terms of efficiency, operational performance and high quality products”, explains Costa.