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Roberto Castello Branco, CEO of Petrobras, said he had received binding offers for a refinery in Amazonas. The state-owned company expects divestments by mid-2021.
Petrobras is expected to close 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 Refinery Isaac Sabbá, Reman, in the state of Amazonas. Petrobras announced this morning (30), progress in the sale of the Araucária Nitrogenados (ANSA) fertilizer unit, in the state of Paraná
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The announcement was made by the president of the oil company, Roberto Castello Branco, during a conference with analysts yesterday (29/10), on the results for 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 stages of negotiations for the sale of the Landulpho Alves Refinery (RLAM), in Bahia, with the Abu Dhabi fund, Mubadala.
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At the moment, Petrobras has 10 operations signed to be closed, 32 projects in the binding phase and 7 assets in the initial phase of the divestment process.
Sales generated just $1 billion in cash inflow between January and September this year, reflecting the coronavirus pandemic.
Petrobras is currently in the process of selling nine refineries, which account for about half of its processing capacity. Sales are the oil company's main bet to reach the divestment target of US$ 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 (28/10) the operating and financial results for the third quarter of 2020 were released by Petrobras, in a material fact. and according to Credit Suisse, Petrobras' results were surprisingly good.
“In our opinion, this was a particularly impressive achievement given the profound impact that Covid-19 has had on the oil industry. Markets now fear further lockdowns due to a second wave, especially in Europe. However, macro conditions permitting, we expect a positive reaction from the market,” says the report.
