Sale of the LUBNOR refinery marks a significant milestone for Brazil, for Ceará, for the refining market and for Petrobras.
The Brazilian oil giant Petrobras, informed the Market, that in continuity to the statement released on 31/01/2020, signed last night (25/5) with the company Grepar the contract for the sale of the Lubrificantes e Derivados de Petróleo do Nordeste refinery (LUBNOR) and its associated logistics assets, located in the state of Ceará.
According to the Brazilian oil company, the total value of the sale is US$ 34 million, of which (a) US$ 3,4 million was paid today; (b) US$9,6 million to be paid upon closing of the transaction and (c) US$21 million in deferred payments. Said total sale price does not include the payment of adjustments provided for in the contract, due until the closing of the transaction.
Sale of LUBNOR is another important moment for Petrobras' portfolio management and for opening up the refining market in the country
“The sale of LUBNOR, in Ceará, is another important moment for Petrobras' portfolio management and for opening up the refining market in the country. We are contributing to the construction of a more dynamic market, with more competition among agents, more choices for consumers, more investors and more investments”, highlights the president of Petrobras, José Mauro Ferreira Coelho. Petrobras will continue to be a relevant refiner in the country and, at the same time, new agents will start investing in the acquired refineries, which creates a virtuous cycle of economic development.
According to Clovis Fernando Greca, managing partner of the buyer consortium, the growth in the number of companies participating in the refining market will increase the competitiveness and diversity of players. As a result, new opportunities and possibilities will emerge, benefiting society as a whole. “We are feeling victorious and happy for reaching this stage. This is a significant milestone for Brazil, for Ceará, for the refining market and for Petrobras.. We believe that LUBNOR will be the beginning of a new cycle of opportunities, in a sector that we intend to grow and invest in new partnerships, respecting the ESG context in which the company is inserted, especially in Ceará”, emphasizes Clovis.
Petrobras said in the statement that the operation is in line with the portfolio management strategy and the improvement of the company's capital allocation, aimed at maximizing value and greater return to society.
About the Northeast Lubricants and Petroleum Derivatives Refinery
A LUBNOR, refinery Lubrificantes e Derivados de Petróleo do Nordeste, located in Fortaleza, Ceará, has an authorized processing capacity of 10,4 thousand barrels/day, is one of the national leaders in asphalt production, and the only refining unit in the country to produce naphthenic lubricants.
