Petrobras Receives Bids for the Sale of Isaac Sabbá Refinery, Reman, in the State of Amazonas

Roberto Castello Branco, CEO of Petrobras, stated that he has received binding offers for a refinery in Amazonas. The state-owned company expects divestments by mid-2021.

Petrobras is expected to finalize many divestments between the end of this year and the first half of 2021. The oil company has already received binding offers for the sale of the Isaac Sabbá Refinery, Reman, in the state of Amazonas. Petrobras announced this morning (30) progress on the sale of the Araucária Nitrogenados Fertilizer Unit (ANSA), in the state of Paraná

See Also

• Immediate Hiring: World Leader in Offshore Vessel Management, opened vacancies yesterday (10/28) for working on a tanker ship
• Offshore Contracts in Brazil from the Oil and Gas Multinational GranIHC, demand job vacancy for Welding Inspector
• Urgent Job Vacancies Macaé: Engineering company hires experienced Technicians and Engineers for onshore and offshore projects
• Job Vacancies today (30), for high school, opened by an engineering inspection company for technical and quality positions

The announcement was made by the president of the oil company, Roberto Castello Branco, during a conference with analysts yesterday (10/29), regarding the results of the third quarter, released the day before.

The executive added that he expects to start receiving binding offers for the Presidente Getúlio Vargas Refinery (Repar) in Paraná in December. The company is also in the final negotiation phase for the sale of the Landulpho Alves Refinery (RLAM) in Bahia to the Abu Dhabi fund, Mubadala.

Currently, Petrobras has 10 signed operations to be finalized, 32 projects in binding phase, and 7 assets in the initial phase of the divestment process.

The sales generated only US$ 1 billion in cash inflow between January and September of this year, a reflection of the coronavirus pandemic.

Petrobras is currently conducting a process to sell nine refineries, which correspond to about half of its processing capacity. The sales are the oil company’s main bet to achieve the divestment goal of US$ 20 to US$ 30 billion between 2020 and 2024.

Despite the Loss of 1.5 Billion Reais, Petrobras Recorded Surprisingly Good Results in the Third Quarter

Yesterday (10/28), Petrobras released through a relevant fact the operational and financial results for the third quarter of 2020. Although the state-owned company recorded a loss of R$ 1.55 billion, the loss was 43% lower than the second quarter, and according to Credit Suisse, Petrobras’ results were surprisingly good.

“In our opinion, this was a particularly impressive feat, given the profound impact that COVID-19 had on the oil industry. Markets are now fearing new lockdowns due to a second wave, especially in Europe. However, if macro conditions allow, we expect a positive market reaction,” says the report.