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The Renewed Contracts Between Petrobras and Braskem Have a Five-Year Term, at the Price of 100% of the Naphtha Quotation in Northwest Europe (ARA)
Petrobras celebrates new naphtha contracts with Braskem! The companies announced on Wednesday that they have renewed the naphtha supply contracts for another five years. Flotel Safe Concordia berths at the Port of Açu in São João da Barra – RJ, for maintenance.
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The new long-term contracts by Petrobras are for the supply of petrochemical naphtha for Braskem’s units in the states of Bahia and Rio Grande do Sul.
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“The contracts aim to supply a minimum annual volume of 650,000 tons and, at Petrobras’s option, a maximum additional volume of up to 2.8 million tons per year”, stated Braskem.
The contracts will take effect after the current contract ends in December 2020, and have a term of five years, with volumes ranging from 650,000 to 3.5 million tons per year at the price of 100% of the naphtha quotation in Northwest Europe (ARA).
Braskem also reported that it renewed tanking contracts with Petrobras and loading and tanking contracts with Petrobras Transporte to ensure access to the naphtha logistics system in Rio Grande do Sul.
Petrobras Aims to Sell Its Entire Stake in Braskem by Next Year
Petrobras announced on May 25 that it intends to divest its entire stake in the petrochemical Braskem through operations in the capital markets.
The information was provided by the president of the company, Roberto Castello Branco, who projected that the deal could occur by early 2021.
At the beginning of this month, the executive stated that Petrobras was interested in selling its stake in Braskem and that the company has the support of Odebrecht to sell the petrochemical.
“We believe it is feasible by the end of the year; if not, at the beginning of next year, to sell this stake,” said Castello Branco while participating in a live broadcast from Genial Investimentos.
The path to make the divestment viable involves Braskem’s migration to the Novo Mercado of the stock exchange, converting all the company’s shares into common shares, which is already a subject of discussions between Petrobras and Odebrecht, the state-owned partner in the petrochemical and holder of 50.1% of the voting shares.
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