Petrobras Privatization: Raízen and Ipiranga’s Owner Ultra Compete for Refineries in Paraná and Rio Grande do Sul

Petrobras Put Refineries in Paraná, Rio Grande do Sul, and Bahia Up for Sale; Experts Say Privatization Will Make the Sector More Fragmented and Competitive

Raízen and the owner of Ipiranga gas stations – Ultra, are competing for the Presidente Getúlio Vargas (Repar) refinery in Paraná and the Alberto Pasqualini (Refap) refinery in Rio Grande do Sul, which Petrobras has put up for sale. Looking for a job? Multinational Actemium in Macaé starts recruitment and selection offshore for entry-level job opportunities.

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Raízen, part of the Cosan Group, leads the competition to acquire one of the best refineries that Petrobras has put up for sale, the Presidente Getúlio Vargas (Repar) unit in Paraná. Meanwhile, in Rio Grande do Sul, the competition leans toward the Ultra Group, owner of Ipiranga gas stations, which already has operations in the region.

According to Estadão, the Mubadala fund from the United Arab Emirates has also been eyeing Repar but is expected to lead the competition in Bahia, where Petrobras has put its Landulfo Alves refinery up for sale. The asset is considered as attractive as Repar in Paraná.

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This is because, it was reported, this outcome is the result of the low interest that other companies have shown thus far. Proposals to acquire the southern refineries must be submitted to Petrobras by December 10th.

Chinese investors, including Sinopec, may end up being excluded from the competition as they are more interested in oil infrastructure assets, such as pipelines, and gas operations. Indian firms are also said to have shown interest in the assets.

Process Will Have a Decisive Stage in December

Petrobras is expected to receive binding proposals for Repar and Refap on December 10th. Estadão/Broadcast found that the proposals for Repar in Paraná are expected to be around US$ 3 billion, while the proposals for Refap in Rio Grande do Sul are about US$ 2 billion.

Repar and Refap are the first refineries on the list of eight out of the 13 that Petrobras decided to sell as part of a divestment plan announced last year.

Gabriel Fonseca, XP analyst, believes that the privatization of the refineries is an opportunity to ensure Brazil’s expansion in refining capacity and, consequently, the maintenance of the supply of derivatives in the coming decades. He notes that Petrobras has a monopoly on this service and the sale of such assets will make the sector more fragmented, favoring free competition.