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The Revap, Henrique Lage Refinery, in São José dos Campos, Is Removed from Petrobras’ Divestment List and Will No Longer Be Sold.
Petrobras made the decision to remove Revap, its third-largest refinery from the list of 8 refineries it promised to sell, according to its divestment plan.
Although Petrobras has not disclosed the reason for this decision, it is believed, according to experts, that the initiative is due to a market strategy of the company.
The Henrique Lage Refinery, located in São José dos Campos, is the major supplier of aviation fuel in the state of São Paulo, being responsible for about 80%.
To illustrate the importance of the refinery, all fuel for supplying Guarulhos airport comes from this unit, in addition to its significance for the regional economy, with its 6,000 jobs.
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It is believed that Petrobras did not want to forgo the revenue generated by the refinery, which has the capacity to produce 250,000 barrels per day, representing 14% of national production.
The Eight Refineries That Will Be Sold
Petrobras has 13 refineries throughout Brazil, and according to its divestment plan, it received approval from CADE to sell eight of them.
The state-owned company’s intention is to “raise cash” to reduce its debt level, which reached R$ 78.8 billion in March of this year.
The eight refineries have been divided into two groups of four each, and the first four to be sold were announced at the end of June and are: Abreu e Lima (RNEST), in Pernambuco; Landulpho Alves (RLAM), in Bahia; Presidente Getúlio Vargas (Repar), in Paraná; and Alberto Pasqualini (Refap), in Rio Grande do Sul.
The other four refineries that will be sold, according to Petrobras, are: Gabriel Passos Refinery (REGAP), in Minas Gerais; Isaac Sabbá (REMAN), in Amazonas; Shale Industrialization Unit (SIX), in Paraná; and Lubricants and Derived Products from the Northeast (LUBNOR), in Ceará.
It is speculated in the market that Petrobras would maintain control over assets in the Southeast, its main consumer hub, which are the refineries of Duque de Caxias, in Rio de Janeiro, and Presidente Bernardes, Capuava, and Paulínia, all located in São Paulo, as well as Henrique Lage.
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