Petrobras Manages to Extend Deadline for the Sale of Refineries REMAN, LUBNOR, and REFAP

Written by Roberta Souza

Published on 05/08/2021 at 11:37

Refinaria Lubnor/ Fonte: Diário do Nordeste

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Petrobras Managed to Extend the Deadline for Selling Refineries Located in the States of Amazonas, Ceará and Rio Grande do Sul

Petrobras announced on July 30 that it signed a new amendment to the Term of Commitment of Cessation (TCC) established with the Administrative Council for Economic Defense (CADE). The agreement aims to extend the deadline for Petrobras to continue negotiations for the effective conclusion of the negotiation processes and to sign the purchase and sale contracts related to the REMAN, LUBNOR, and REFAP refineries. These refineries are located in the states of Amazonas, Ceará, and Rio Grande do Sul. See also: Fuels – Petrobras Says New Competitors in Oil Refineries Can Help Reduce Costs for Consumers

Petrobras’ Plans for Refinery Sales

From now on, Petrobras has until the end of October to, through a “more directed work,” negotiate the business with potential buyers. Petrobras’ plans include the sales of Lubnor, Refap, SIX, Regap, and Rnest, with a deadline until October 30. The list also includes the sale of the Presidente Getúlio Vargas Refinery (Repar, in Paraná) by December 31.

The big question, however, according to oil and gas consultant Bruno Iughetti, is that Petrobras did not receive interested proposals for the purchase of the assets in the last established deadline, which ended on Saturday, July 31. Bruno says that indeed, the company does not confirm any kind of contact regarding proposals to acquire Lubnor, given that the deadline for the sale was July, and there was no interest.

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Refinery Sales Could Result in Investments in Oil Exploration and Pre-Salt

According to Iughetti, the purchase of the Lubnor refinery could yield good results for the buying company, as the refinery in Ceará already produces about 10% of all asphalt in the country and is the “only company in Brazil that produces naphthenic base oils.”

The consultant also projected that the sale of the refinery in Ceará could have positive impacts for Petrobras itself, which would be “more free” to invest in oil exploration and pre-salt projects. “The sale of Lubnor will be very positive for Petrobras in its asset recovery policy to invest in the pre-salt. The company is selling assets that do not mean this core activity. Now for the market as a whole, we can only expect improvement,” Bruno said.

Also Check: Petrobras Refinaries Not for Sale Will Receive Investments of US$ 300 Million by 2025

Petrobras has announced that it intends to invest around US$ 300 million in refineries that are not in the divestment plans. The state-owned company’s announcement was made on June 24, and the investments aim to enhance the efficiency and performance of the assets. The Petrobras refineries that will receive investments include Presidente Bernardes, Duque de Caxias, Capuava, Paulínia, and Henrique Lage, all distributed across the states of São Paulo and Rio de Janeiro.

Petrobras announced a program called RefTOP – World-Class Refining, aimed at positioning among the best oil refineries in the world. This program is part of Petrobras’ Strategic Plan 2021-2025, with an investment of US$ 3.7 billion, of which US$ 300 million will be allocated to the refineries. The RefTOP program also aims to position Petrobras more competitively in the opening of the oil refinery market in Brazil. The state-owned company also stated that it evaluated global references for the main refining indicators to define the program’s objectives.

Petrobras Manages to Extend Deadline for the Sale of Refineries REMAN, LUBNOR, and REFAP

Petrobras Managed to Extend the Deadline for Selling Refineries Located in the States of Amazonas, Ceará and Rio Grande do Sul

Petrobras’ Plans for Refinery Sales

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

Refinery Sales Could Result in Investments in Oil Exploration and Pre-Salt

Also Check: Petrobras Refinaries Not for Sale Will Receive Investments of US$ 300 Million by 2025

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Petrobras Manages to Extend Deadline for the Sale of Refineries REMAN, LUBNOR, and REFAP

Petrobras Managed to Extend the Deadline for Selling Refineries Located in the States of Amazonas, Ceará and Rio Grande do Sul

Petrobras’ Plans for Refinery Sales

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

Refinery Sales Could Result in Investments in Oil Exploration and Pre-Salt

Also Check: Petrobras Refinaries Not for Sale Will Receive Investments of US$ 300 Million by 2025

Archaeologists find in Mexico a sacrifice altar over 1,000 years old, surrounded by skulls, human bones, and signs of rituals from the Toltec Empire.

Diagnostic test

Billions of barrels on the equatorial margin could lead Amapá to double its oil production in Brazil — the state wants to enter the route of companies in the Campos Basin, attract investments, and boost jobs and businesses in the oil and gas sector.

Without bricks, without cement, and without endless construction: the cardboard house that is assembled in modules and can be moved.

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