Privatized Refinery In Bahia By Petrobras, Recently Acquired By Sovereign Fund Mubadala, Suspends Ship Fueling

In Contrast, Arab Fund Mubadala Confronts State Price Movement and Will Not Reduce Gasoline Price at the Refinery in Bahia

The Mataripe Refinery, in Bahia, formerly known as RLAM of Petrobras and recently acquired for US$ 1.8 billion by the Arab fund Mubadala, from the Crown Prince of Abu Dhabi, has been without fuel supply to ships (known as bunker oil) for 15 days through the Madre de Deus Terminal, the main point of production flow.

See Also

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The RLAM refinery was the first sale of Petrobras within the package of 8 refineries that will transition to private initiative, as a result of an agreement with CADE. Acelen, the holding of the fund that took over the refinery on December 1, stated that the supply to ships was not included in the contract.

Although it did not provide a date, the company said it intends to start fulfilling the requests.

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In Contrast, Arab Fund Mubadala Confronts State Price Movement and Will Not Reduce Gasoline Price at the Refinery in Bahia

In 2021, Petrobras implemented 15 adjustments in gasoline prices, consisting of 11 increases and 4 reductions. In total, the price of fuel sold at refineries increased by 74%. Diesel experienced 12 adjustments, with nine increases and three reductions, totaling a 65% increase. The last adjustment occurred on October 26, bringing gasoline to R$ 3.19 and diesel to R$ 3.34.

Despite the state company announcing, on December 14, a reduction in gasoline prices at the refineries, Acelen, a company linked to the Arab fund Mubadala, which purchased the Mataripe Refinery (formerly Landulpho Alves, RLAM) from the Brazilian oil company, maintained the same prices charged. Consequently, the price at gas station pumps in Salvador, Bahia, remained at an average of R$ 6.59.

The refinery, located in São Francisco do Conde, recently acquired and fully operated as of December 1 by the Arab fund, supplies fuel to stations throughout Bahia. The price charged at gas stations reflects the costs of fuel at the refinery, operational expenses, and the profit margins of distributors and stations, as well as taxes.

Since the refinery does not belong to Petrobras, Acelen has the autonomy to set its own prices. Petrobras reduced the price of gasoline per liter at its refineries for the first time since June, by around R$ 0.10 (3%).

Acelen’s Position on the Above Topics:

Press Release

Acelen clarifies that the necessary equipment and systems for supplying bunker oil from Temadre were not part of the assets acquired by Acelen with the acquisition of the Mataripe Refinery. Furthermore, it clarifies that customers who were served by Petrobras from Temadre until November 30 were informed by the company itself that this service would cease on that same date.

The supply of bunker oil to customers from Temadre is, and has always been, a priority and goal of Acelen.

For this reason, we are evaluating alternatives and making the necessary investments to begin supplying the market as soon as possible.

Press Release

Acelen reaffirms its commitment to being competitive and setting prices based on technical and transparent criteria. For this reason, the company announces a reduction of R$ 101.00/m³ equivalent to R$ 0.10 per liter of gasoline in the prices practiced at the Refinery starting this Saturday, December 18. The reduction was motivated by the drop in the price of oil barrels in recent weeks and adjustments in other variables such as supply/demand, exchange rate variation, logistics, among other factors.

Acelen will continue to monitor fluctuations in these variables to ensure its competitiveness in the markets in which it operates.