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Sale of Stake in Company in Argentina Was Initiated in May by Petrobras and Took Another Important Step Last Friday (30/08)
As announced by Click Petroleum and Gas in May, Petrobras had announced the sale of the 34% stake it holds in the Mega Company of Argentina.
Well, now the Brazilian state-owned company announces progress in another stage of this process. Petrobras has begun sending invitation letters to interested parties qualified in the previous phase.
This phase is called the binding phase of the offer and provides instructions on the divestment process, including how companies should submit their proposals for Petrobras’s stake in the plant.
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The Plant in Argentina
Mega is a plant in Argentina that processes natural gas and fractionates its liquids (ethane, propane, butane, and natural gasoline), and has a capacity of more than 40 million cubic meters per day and a natural gas liquid fractionation unit with a capacity of up to 5 million m³/day.
Petrobras has as partners in Mega the Spanish company Repsol YPF and the American company Dow Chemical. Mega has been in operation since April 2001.
The sale of Petrobras’s stake is part of the company’s divestment program, which is being accelerated under the new president, Roberto Castello Branco.
Petrobras has already announced the sale of eight refineries out of its 13 refineries and aims to raise around US$ 15 billion to reduce the company’s debt.
The state-owned company’s plan is also to reduce operational costs and save around US$ 8.1 billion. To this end, it has already announced the closure of several offices across Brazil, such as the Edinc building in Macaé.
The company’s goal with its divestment plan, in addition to amortizing debts, is to dispose of assets that the company’s management does not consider to be its core expertise, which is the exploration and production of oil and gas in deep and ultra-deep waters.
Read Also! Lecture on Petrobras Investments in the Santos Basin Next Tuesday!
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