The renewed contracts between Petrobras and Braskem, have a term of five years, at the price of 100% of the naphtha quotation in Northwest Europe (ARA)

Petrobras signs new naphtha contracts with Braskem! The companies announced on Wednesday that they renewed their naphtha supply contracts for another five years. Flotel Safe Concordia docks at Porto do 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 to Braskem's units in the states of Bahia and Rio Grande do Sul.

"The purpose of the contracts is to supply a minimum annual volume of 650 thousand tons and, at Petrobras' option, a maximum additional volume of up to 2,8 million tons per year", said Braskem

The contracts come into effect after the end of the current contract, in December 2020, and have a five-year term, with volumes varying between 650 thousand and 3,5 million tons per year at a price of 100% of the naphtha quotation in the Northwest of Europe (ARA).

Braskem also informed that it renewed the tankage contracts with Petrobras and the movement and tankage contracts with Petrobras Transporte to guarantee access to the naphtha logistics system in Rio Grande do Sul.

Petrobras wants to sell all of its stake in Braskem by next year

Petrobras announced on May 25 that it intends to dispose of its entire stake in the petrochemical company Braskem through an operation in the capital market.

The information was given by the president of the companhia, Roberto Castello Branco, when projecting that the deal could take place by the beginning of 2021.

At the beginning of this month, the executive said that Petrobras was interested in selling its stake in Braskem and that the Petrobras has the support of Odebrecht to sell the petrochemicals

"We believe it will be feasible by the end of the year, if not, at the beginning of next year, selling this stake", said Castello Branco, while participating in a live broadcast by Genial Investimentos.

The way to make the divestment viable involves Braskem's migration to the Stock Exchange's Novo Mercado, with the conversion of all the company's shares into ordinary shares, which is already the subject of talks between Petrobras and Odebrecht, the state-owned partner in the petrochemical company and holder of 50,1 .XNUMX% of voting shares.