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Petrobras Studies Billion-Dollar Repurchase of Refinery Sold in 2021. Operation Could Cost Up to US$ 4 Billion! What Is at Stake in This Possible Transaction?
A Petrobras, Brazilian Oil and Gas Giant, is considering a surprising move: the repurchase of the Mataripe refinery in Bahia, which was sold in 2021.
If realized, this decision could mark a strategic return to control of a crucial asset for the company. But what is at stake and why is the state-owned company interested in reacquiring the refinery?
According to information from the newspaper Valor Econômico, Petrobras is evaluating the possibility of repurchasing 100% of the stake in the refinery, an operation that still depends on definitions regarding the transaction model and, mainly, the final value.
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What is known so far is that the business audit (“due diligence”) is underway, with no defined deadline for completion, bringing uncertainty about when the final decision will be made.
The Unique Federation of Petroleum Workers (FUP) has already been informed about the progress of the audit, although some information is still contradictory.
According to the entity, there are prospects that control of the Landulpho Alves refinery, the former name of the unit, will be fully transferred to Petrobras. However, sources from Valor claim that the audit has not yet been completed.
Petrobras’ plan is to regain a majority position in the refinery, with internal discussions suggesting an acquisition that could range from 80% to 100% of the stake.
This move gained momentum after the Administrative Council for Economic Defense (Cade) reviewed, in May, the commitment terms established with Petrobras in 2016 in the refining sector, allowing the state-owned company to acquire the entirety of the enterprise.
With this review, the Mubadala Capital group, the current owner through Acelen, could exit the business. The refinery, sold for US$ 1.65 billion in 2021, may have significantly increased in value.
Estimates from the Institute for Strategic Studies of Oil, Natural Gas and Biofuels (Ineep) suggest that the transaction price could reach up to US$ 4 billion. Petrobras has not yet determined the exact value of the repurchase, being in the phase of assessing the asset’s value.
In a statement, FUP emphasized: “The purchase value is still under negotiation and considers the transfer of 100% control, according to the interest of the Arab group as well.”
The outcome of the negotiation will also depend on Mubadala Capital’s interest in selling its stake at the estimated price or a higher value, taking into account investments made and not yet amortized.
With the election of Luiz Inácio Lula da Silva (PT), the repurchase of Mataripe has become one of Petrobras’ priorities. Since December 2023, negotiations between the state-owned company and the Abu Dhabi fund have intensified, with a formal proposal sent to discuss a possible downstream partnership in Brazil.
Petrobras’ investment plan for 2024-2028 foresees US$ 4.2 billion in studies and acquisitions in the areas of refining, transportation, and marketing, including the possibility of repurchasing strategic assets such as the Mataripe refinery.
The unfolding of this story could redefine the oil refining landscape in Brazil and mark a new chapter in Petrobras’ trajectory.
And what do you think about this possible repurchase? Should Petrobras invest heavily to regain control of the Mataripe refinery? Leave your opinion in the comments!
Sempre foi e será uma grande empresa e para os acionistas também acham um bom investimento
Claro que sim, compra imediata.
Sim! É um investimento que terá retorno pra os próximos anos vindouros