Oil Workers Seek Court Suspension of Sale of Isaac Sabbá Refinery (REMAN) in Amazonas State

Written by Roberta Souza

Published on 22/10/2021 at 09:55

Refinaria Isaac Sabbá/ Fonte: A Crítica

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Petrobras Refinery in Amazonas Sold to Atem Group for US$ 189.5 Million, Equivalent to R$ 994.15 Million

The Petroleum Workers’ Union of Amazonas (Sindipetro-AM), affiliated with the Single Federation of Petroleum Workers (FUP), has filed a lawsuit against the sale of the Isaac Sabbá Refinery (Reman) in Manaus to the Atem group. The argument is that the amount paid, US$ 189.5 million, corresponds to 70% of the fair market value, according to calculations by the Institute of Strategic Studies of Oil, Natural Gas, and Biofuels (Ineep). Read this news: Negotiations Between Petrobras and Ultrapar for the Purchase of Refinery in Rio Grande do Sul Fail

Oil Workers Demand Suspension of Negotiation

In the lawsuit, Sindipetro-AM requested an “urgent preliminary injunction” to immediately suspend the negotiation between the companies for the refinery, at undervalued prices, to avoid losses to the public coffers.

“The sale of REMAN, in addition to posing a serious risk to the consumer market in Amazonas, leading to the formation of a private monopoly, becomes even more problematic with the low announced price,” emphasizes lawyer Ângelo Remédio from Garcez Law Firm, who represents the Amazonian union in the case.

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The Refinery Was Negotiated at a Lower Price

To calculate the value of the REMAN refinery, Ineep used the Discounted Cash Flow (DCF) method, which is based on the present value of cash flows projected into the future. From the result, the rate reflecting the business risk, capital expenses (investment in fixed assets), and additional working capital needs are deducted.

According to the institute, this cash flow is calculated for both the company and the shareholder. “It is considered a calculation model that presents greater technical and conceptual rigor, making it the most appropriate and adopted in company valuations,” informs the note.

The Sale of the Refinery in the State of Amazonas, by Petrobras

On August 25, Petrobras signed a contract with the Atem Group for the sale of the Isaac Sabbá Refinery (REMAN) in Manaus, Amazonas, and its associated logistics assets for US$ 189.5 million (R$ 994.15 million). The refinery is the second among eight that are in the process of being sold to have the contract signed. REMAN has a processing capacity of 46 thousand barrels/day, and its assets include a storage terminal.

The sale of REMAN is in accordance with Resolution No. 9/2019 of the National Energy Policy Council, which established guidelines to promote free competition in the refining sector in the country and is part of Petrobras’ commitment to CADE to open up the refining sector in Brazil.

The divestment process of REMAN, approved by Petrobras’ Board of Directors on this date, strictly followed the Divestment System approved by the Federal Court of Accounts (TCU). The refinery divestment project was approved at all levels of Petrobras’ corporate governance.

Rodrigo Costa, Petrobras’ Refining Director, highlighted the importance of the operation: “The signing of the contract for the sale of the refinery in Amazonas represents another important step in the repositioning process of refining activities at Petrobras. The company is investing to become more competitive and to position itself among the best refiners in the world, in terms of efficiency, operational performance, and high-quality products,” Costa explains.

Oil Workers Seek Court Suspension of Sale of Isaac Sabbá Refinery (REMAN) in Amazonas State

Petrobras Refinery in Amazonas Sold to Atem Group for US$ 189.5 Million, Equivalent to R$ 994.15 Million

Oil Workers Demand Suspension of Negotiation

The Refinery Was Negotiated at a Lower Price

The Sale of the Refinery in the State of Amazonas, by Petrobras

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Oil Workers Seek Court Suspension of Sale of Isaac Sabbá Refinery (REMAN) in Amazonas State

Petrobras Refinery in Amazonas Sold to Atem Group for US$ 189.5 Million, Equivalent to R$ 994.15 Million

Oil Workers Demand Suspension of Negotiation

The Refinery Was Negotiated at a Lower Price

The Sale of the Refinery in the State of Amazonas, by Petrobras

A village with 115 inhabitants wants new residents: it offers a house, a job, up to 44 thousand euros in benefits, almost free rent, an annual grant of 8 thousand euros for 3 years, and a 20 thousand euro incentive for businesses in the mountains of Italy.

NASA is offering US$ 750,000 to people from anywhere in the world who solve a problem that could decide survival on Mars: creating food for astronauts without relying on resupply from Earth.

New microwave that can replace three appliances hits the market: Sharp launches 3-in-1 model that combines air fryer, convection oven, and heating in 0.9 cubic feet for small kitchens

With an 88-meter wingspan, a capacity of 250 tons, six engines, and 32 wheels, the Ukrainian giant became the greatest symbol of extreme air transport and one of the most impressive machines in aviation history.

The United Kingdom removed approximately 1.8 million cubic meters of sand from the seabed and is depositing it all on 6 kilometers of beaches in Norfolk, in a mega-operation to curb erosion, protect coastal villages, and shield a vital gas terminal against the encroaching Atlantic.

After 16 years and almost 600 prototypes, a Chinese inventor unveils the world’s smallest and cheapest manned jet, at just 3.80 meters long and costing US$7.2 thousand in materials.

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