Petrobras Secures Extension for Sale of Its Refineries and Gas Assets

CADE Granted Petrobras an Extension on the Deadlines for Selling Its Refineries and Natural Gas Market Assets

Petrobras has gained more time to sell its refineries and natural gas market assets. The extension was granted by the Administrative Council for Economic Defense (CADE) on Wednesday, the 28th. In a statement, the council informed that the company’s divestments need to be carried out this year.

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Petrobras Divestment Plan

The sales of natural gas market assets and refineries are part of Petrobras’ obligations under an agreement made with the agency, aimed at attracting new investors and stimulating competition in the refinery and natural gas markets.

CADE stated that given the progress of the divestment process (to meet potential demand) and the economic situation resulting from the pandemic, Petrobras requested a re-adjustment of the sales schedule.

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Sales of Refineries and Gas Assets of the State-Owned Company

In the new schedule, Petrobras must sell the following assets by July 31: Isaac Sabbá Refinery, Alberto Pasqualini Refinery, and Lubricants and Oil Derivatives Refinery. By October 30, Petrobras will have to sell the assets of the Shale Industrialization Unit, Abreu e Lima Refinery, and Gabriel Passos Refinery. The President Getúlio Vargas Refinery must be sold by the end of this year.

Last week, Petrobras sold its stake in NTS (Nova Transportadora do Sudeste S.A.) for R$ 1.8 billion. In this asset, the state-owned company had until the 30th to complete the sale of its remaining stake, which was 10%.

To divest the indirect ownership of the state-owned company in the distributor, through the sale of its shares in Gaspetro, or seeking to sell Gaspetro shares, the company must sell its shares by June 30. Under the original agreement, Petrobras was to sell the refineries and its stakes in Nova Transportadora do Sudeste and Gaspetro by the end of last year.

CADE highlighted that the deadline for finalizing and enforcing the sales of refineries and gas assets remains the same for all transactions: December 31, 2021.

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According to FUP, the outbreak of COVID-19 on Petrobras oil platform could trigger a new wave of strikes among oil workers on Monday (03). According to data from ANP, more than 500 oil workers were contaminated on board just in April.

Maintenance Shutdowns at Petrobras Refineries Are Causing Large Crowds

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According to data from MME – Ministry of Mines and Energy – since the start of the pandemic, over 6,000 Petrobras employees have been infected with COVID-19. The state-owned company has more than 46,000 employees, which means that 13% of the company’s workers had the virus. According to information from the Ministry of Mines and Energy, Petrobras had 339 employees contaminated and in quarantine on the 5th.