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Sale of the LUBNOR Refinery Marks a Significant Milestone for Brazil, Ceará, the Refining Market, and Petrobras.
The Brazilian oil giant Petrobras informed the Market that, following the announcement made on 01/31/2020, it signed last night (05/25) with Grepar the contract for the sale of the Lubricants and Oil Derivatives Refinery of the Northeast (LUBNOR) and its associated logistical assets, located in the state of Ceará.
According to the Brazilian oil company, the total sale price is US$ 34 million, of which (a) US$ 3.4 million to be paid today; (b) US$ 9.6 million to be paid upon closing of the transaction; and (c) US$ 21 million in deferred payments. The total sale price does not include the payment of adjustments specified in the contract, due until the closing of the transaction.
Sale of LUBNOR is Another Important Moment for Petrobras’ Portfolio Management and for Opening the Refining Market in the Country
“The sale of LUBNOR in Ceará is another important moment for Petrobras’ portfolio management and for opening the refining market in the country. We are contributing to the development of a more dynamic market, with more competition among players, more choices for consumers, more investors, and more investments,” emphasizes Petrobras President José Mauro Ferreira Coelho. Petrobras will remain a relevant refiner in the country, and concurrently, new players will start investing in the acquired refineries, creating a virtuous cycle of economic development.
According to Clovis Fernando Greca, managing partner of the buying consortium, the increase in the number of companies participating in the refining market will lead to greater competitiveness and diversity of players. As a result, new opportunities and possibilities will arise, benefiting society as a whole. “We feel victorious and happy to reach this stage. This is a significant milestone for Brazil, Ceará, the refining market, and Petrobras. We believe that LUBNOR will be the beginning of a new cycle of opportunities in a sector where we intend to grow and invest in new partnerships, respecting the ESG context in which the company is embedded, especially in Ceará,” highlights Clovis.
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Petrobras stated in the announcement that the operation aligns with the company’s portfolio management strategy and the improvement of capital allocation, aiming for value maximization and greater returns to society.
About the Lubricants and Oil Derivatives Refinery of the Northeast
The LUBNOR, the Lubricants and Oil Derivatives Refinery of the Northeast, located in Fortaleza, Ceará, has an authorized processing capacity of 10,400 barrels/day, is one of the national leaders in asphalt production, and is the only refining unit in the country to produce naphthenic lubricants.
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