Petrobras' refinery sales processes have entered the stage of receiving binding offers

The Petrobras refinery sales processes advanced. Now they have entered the stage of receiving binding offers. The National Petroleum, Natural Gas and Biofuels Agency (ANP) reported last week that it will permanently monitor the impact of “new circumstances” on the market.

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With regard to breaking the sector's monopoly, the regulatory body argued that the infrastructure related to the refinery must be operated by a company other than the new refiner, even if the two companies belong to the same economic group.

The idea is to establish logistics operators to manage the related infrastructure, such as pipelines and terminals. The National Petroleum Agency pointed out that through its regulations, facility owners can be guaranteed priority for handling their own products, but the regulations also stipulate access rights to third parties, "aiming to promote maximum utilization of transport capacity by available means”.

The ANP clarified in a joint statement with the Ministry of Mines and Energy that its activities are based on improved regulations to ensure the security of the supply of petroleum products throughout the country, free competition and protection of consumer rights.

According to the MME, the ANP's latest position is in line with the guidelines of the National Energy Policy Commission (CNPE) and aims to promote competition. In May of last year, the CNPE approved Resolution No. 9/2019, which established guidelines for the divestment of Petrobras' refining businesses.

The CNPE, at the time, suggested that the refinery and its respective logistical assets be sold at the same time and that the logistical infrastructure be preferably transferred to non-vertical economic groups, complying with third-party access rules.

Still, the resolution also determined that the potentially competitive refineries should be sold to different economic groups, and Petrobras should dispose of 100% of the assets.

The oil company is selling 8 of its 13 refineries, equivalent to half of its production capacity. The company's idea is to focus only on assets in the Rio-São Paulo axis. Yesterday, the company received a binding offer from Rlam in São Francisco de Conde, Bahia.