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Petrobras disclosed today (30/08) that it maintains its position in seeking the full sale of its stake in the petrochemical company Braskem
Petrobras reaffirmed this Monday (30/08) that it maintains its position in seeking the full sale of its stake in the petrochemical company Braskem and is monitoring the process of selling the stake held by Novonor. In a statement, the oil company points out that it is evaluating opportunities in the petrochemical segment, as provided for in its 2021-2025 Strategic Plan, aimed at integrating its Exploration and Production (E&P) and Refining activities. Also see this news: Negotiations between Petrobras and Braskem move forward to enter into a new naphtha contract
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Petrobras had hired JPMorgan to access the sale of the petrochemical company Braskem
Petrobras hired JPMorgan as an advisor to sell its stake in petrochemical Braskem, three people familiar with the matter said. Petrobras executives said in a conference call with investors that they had hired advisors to sell their stake in Braskem, without giving further details.
The Novonor conglomerate, formerly known as Odebrecht, resumed the sale of Braskem's controlling interest in April, but so far has not found a buyer. Even so, Morgan Stanley (MS), advisor to Novonor, received proposals for some assets of the petrochemical company. The company has factories in Brazil, Mexico and the United States. Given the complexity of selling company units to different buyers, Petrobras decided to hire a consultant to analyze possible deals.
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The state-owned company recently sold a refinery in Amazonas
On August 25, with the Atem Group, Petrobras signed the contract for the sale of the Isaac Sabbá Refinery (REMAN), in Manaus, Amazonas, and its associated logistical assets for the amount of US$ 08 million (R$ 189,5 .994,15 million). The refinery is the second among the eight that are in the process of being sold to have the contract signed. REMAN has a processing capacity of 46 barrels/day and its assets include a storage terminal.
The sale of REMAN is in line with Resolution No. 9/2019 of the National Council for Energy Policy, which established guidelines for promoting free competition in the refining activity in the country, and is part of the commitment signed by Petrobras with CADE for the opening of the refining sector in Brazil. REMAN's divestment process, approved by Petrobras' Board of Directors on this date, strictly followed the Divestment System approved by the Federal Audit Court (TCU). The refinery's divestment project was approved by all levels of Petrobras' corporate governance.
After the conclusion of the operation, Petrobras will continue to operate the refinery through a service provision agreement for a transitional period (Transition Service Agreement – TSA) while the buyer structures its processes and assembles its teams. This will happen under a service provision agreement, avoiding any operational interruption. Petrobras and ATEM reaffirm the strict commitment to operational safety at REMAN in all phases of the operation. Measures were taken to ensure that there is no interruption in the supply of natural gas, oil and LPG in the region.
Petrobras employees who decide to remain with the company may choose to be transferred to other areas of the company. Another possibility is joining the Voluntary Retirement Program, with a benefits package. Petrobras has been conducting divestment processes with transparency and respect for employees. The company discloses the main stages of the process internally and externally and provides full support to the professionals involved. No Petrobras employee will be dismissed as a result of the transfer of control of REMAN to the new owner.
