Ultrapar Sells Oxiteno to Focus on Renewable Energy Investments and Energy Transition

Written by Valdemar Medeiros

Published on 17/08/2021 at 12:22

Ultrapar anunciou de um contrato de US$ 1,3 bilhão com a Indorama Ventures PLC para a venda de Oxiteno – créditos: EPBR

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In The Midst Of Energy Transition, Ultrapar Sells Oxiteno, After Selling Extrafarma And ConectCar, To Focus Its Investments In Renewable Energy And Prepare For The Energy Transition

Ultrapar announced on Monday (16) the sale of its special chemicals unit Oxiteno to Indorama, a group from Thailand. The sale contract had a total value of US$ 1.3 billion, according to the company. The sale occurred because the company wants to maintain its focus on the energy transition, aiming to invest more in the renewable energy market.

Ultrapar Sells Oxiteno, Extrafarma, And ConectCar

According To Ultrapar, Oxiteno And Indorama Have Collaborations In The Derivatives And Integrated Oxides Business, Mainly In The Downstream Portfolio Of Surfactants. Working Together, The Two Companies Will Create A Globally Relevant Player In The Production Of Ethoxylates. The Sale Of Oxiteno Is Directly Linked To Ultrapar’s Strategy To Focus On The Renewable Energy Market.

The Company, Which Recently Sold Extrafarma To Pague Menos And 50% Of Its Stake In ConectCar To Porto Seguro, Is Taking Steps To Develop Investment Opportunities In Renewable Energy, Focused On The Growing Energy Transition. The Completion Of The Sale Of Oxiteno Will Have Certain Conditions, Including Approval By Regulatory Authorities In Both The United States And Brazil.

ARTICLE CONTINUES BELOW

Ultrapar’s CFO And Relations Director Speaks Out

In Addition To The Investments Being Studied By The Company In Refining, Natural Gas, And Others, Ultrapar Is Evaluating Investment Opportunities In Renewable Energy, According To The Company’s CFO And Relations Director, Rodrigo Pizzinatto.

According To The Executive, With The Sale Of Oxiteno, The Group Is Moving Toward Businesses Focused On The Energy Transition. The Sale Reinforces The Vision That The Company Is At A Moment Of Opportunities For Investment In Renewable Energy, Oil, And Gas. In Addition, Pizzinatto States That The Ultra Group Is Also Evaluating Opportunities For Expansion And Competitiveness In Assets That Remain In The Company’s Portfolio.

Oxiteno’s Debt Will Remain With The Sale

The Strong Performance Of Oxiteno In Recent Months, According To Pizzinatto, Contributed To The Company’s Value Increase, Resulting In A Capital Gain From The Sale Since The Book Value (R$ 1.7 Billion) Is Lower Than The Sale Value Of US$ 1.3 Billion.

The Funds Will Be Directed Straight To Ultrapar’s Cash And An “Intercompany” Debt Of Approximately US$ 750 Million From Oxiteno Will Accompany The Sale. Thus, The Income Tax On Capital Gains Will Be Below US$ 70 Million According To The Executive.

The First Installment Will Be Received At The Beginning Of Next Year, As Will The Proceeds From The Sale Of 50% Of ConectCar, Mentioned Previously. The Second Installment Related To Oxiteno Will Be Received Two Years After The Contract, And There Will Be No Precedent For Disbursement.

Ultrapar Sells Oxiteno to Focus on Renewable Energy Investments and Energy Transition

In The Midst Of Energy Transition, Ultrapar Sells Oxiteno, After Selling Extrafarma And ConectCar, To Focus Its Investments In Renewable Energy And Prepare For The Energy Transition

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Ultrapar Sells Oxiteno to Focus on Renewable Energy Investments and Energy Transition

In The Midst Of Energy Transition, Ultrapar Sells Oxiteno, After Selling Extrafarma And ConectCar, To Focus Its Investments In Renewable Energy And Prepare For The Energy Transition

Read Also

Ultrapar Sells Oxiteno, Extrafarma, And ConectCar

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Oxiteno’s Debt Will Remain With The Sale

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