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The Brazilian State-Owned Company Petrobras Should Sign Only One Refinery Sale Contract By The End Of The Year, Instead Of Five As Initially Desired.
The delay in the refinery sales process is due to scheduling issues related to the Covid-19 pandemic, oil market volatility, and a recently resolved court challenge in favor of Petrobras.
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Only One Sale Agreement For One Of Petrobras’ Refineries
The refinery divestment program was launched in April 2019 as part of an agreement with the antitrust agency Cade. The only sale agreement that is expected to be signed by the end of December is for the Landulpho Alves refinery (Rlam) of 333 thousand b/d in Mataripe. Petrobras has been in exclusive negotiations with the Abu Dhabi state investment fund, Mubadala, for the refinery since July.
Low Prices
In September, Petrobras stated that two similar bids for the Presidente Getulio Vargas refinery (Repar), 208,000 b/d, would require a second round of binding offers, possibly this month. The Chinese state-owned company Sinopec and domestic fuel distributors Raízen and Ultrapar participated in the first round.
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Petrobras aims to launch binding offers in the fourth quarter for three more refineries: 208,000 b/d Alberto Pasqualini (Refap) in Canoas; 115,000 b/d Abreu e Lima (Renest) in Ipojuca; and 166,000 b/d Gabriel Passos (Regap) in Betim. Offers for three smaller refinery units are underway for the first half of 2021.
Petrobras is selling another refinery, 39,600 b/d Potiguar Clara Camarão Refinery (RPCC) in the state of Rio Grande do Norte, as part of an upstream cluster outside the scope of the original Cade Agreement.
Delays Affect Petrobras
Delays are increasing the likelihood that Cade will grant an extension of the 2021 deadline for closing the refinery sales.
Petrobras and the agency discussed the possibility of an extension in recent weeks, company executives said. The sales timeline has been complicated by health safety protocols and the Supreme Court challenge initiated in July. Earlier this month, the court rejected a Senate request to submit the sales to congressional oversight.
The company relies on revenue from the sale of refineries to reduce debt. The sales are an important aspect of its goal to divest non-essential assets worth between US$ 20 billion and US$ 30 billion, likely expanded according to a business plan to be launched in November.
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