Due to the coronavirus pandemic, Petrobras requested US$8 billion from banks. The state-owned company informed that it is evaluating other measures to reinforce its cash flow

In the midst of the coronavirus pandemic, Petrobras reported that it asked the banks to disburse US$8 billion (more than R$40 billion). The amount is part of its committed lines of credit, a kind of pre-approved credit that the oil company already had with banking institutions. Despite the crisis, Petrobras receives proposals for the charter of the Mero 3 FPSO.

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The disbursement is part of a strategy to increase the company's liquidity at a time of crisis, due to the new coronavirus (Covid-19) pandemic and the oil price shock.

In a note released today (20), Petrobras informs that it is evaluating other measures to reinforce its cash flow, including an additional reduction in costs and optimization of its working capital.

“Petrobras reaffirms its strategy supported by the five pillars: maximizing the return on capital, reducing the cost of capital, incessant search for low costs, meritocracy and respect for people, the environment and safety. The current crisis reinforces the importance of these pillars, which must continue to be pursued with even greater focus”, says the note.

refineries

In another note, Petrobras informed that it postponed the receipt of binding offers from companies interested in the purchase of refineries of the state-owned company, due to the pandemic of the new coronavirus. The processes involve eight refineries, including Abreu e Lima (Rnest), in Pernambuco; and Alberto Pasqualini (Refap), in Rio Grande do Sul.

Other units involved in this postponement of receiving binding offers are Landulpho Alves (RLAM), in Bahia; President Getúlio Vargas (Repar) and the Shale Industrialization Unit (Six), in Paraná; Gabriel Passos Refinery (Regap), in Minas Gerais; Isaac Sabbá Refinery (Reman), in Amazonas; and Lubricants and Petroleum Derivatives from the Northeast (Lubnor), in Ceará.

In a note released today, Petrobras reported that it "reinforces its engagement in the project for the sale of refining assets and their respective logistical assets, as stipulated in its 2020-2024 Strategic Plan".