Sale of Petrobras Refinery in Bahia May Be Suspended, Says TCU

Written by Roberta Souza

Published on 01/04/2021 at 19:55

Refinaria Landulpho Alves/ Fonte: Rede Brasil Atual

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The Landulpho Alves Refinery in Bahia Was Sold for US$ 1.65 Billion by Petrobras. According to the TCU, This Amount Would Be Below Market Price

The Federal Court of Accounts (TCU) will examine the possibility of suspending the sale of the Landulpho Alves Refinery (RLAM) from Petrobras to Mubadala, a financial fund from the United Arab Emirates, for up to 5 business days. The closing price of US$ 1.65 billion with Mubadala is lower than the market price of US$ 3.04 billion, set by the state-owned company for the refinery located in Bahia.

Sale of Petrobras Refinery

The Petrobras refinery, located in São Francisco do Conde, Bahia, was sold to the Mubadala Capital group. The contract for the sale of the company’s shares in RLAM and its associated logistics assets was made for US$ 1.65 billion.

The sale to Mubadala Capital was completed and approved by Petrobras’s board of directors, which is 45% lower at US$ 1.65 billion. The contract was signed on March 24.

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Process of Suspending the Sale of the Refinery in Bahia

Minister Walton Alencar stated in plenary that the measure aims to avoid “harm to the public interest.” According to him, “Given the risk of concluding the deal before this Court can address the matter, with potential harm to the public interest, as well as considering the consequences this decision may have for the sale of other refineries, I believe it is essential to determine that the Technical Unit submits to this Rapporteur, within 5 business days, a conclusive analysis regarding the need or not for granting a precautionary measure to suspend the ongoing divestiture.”

Petrobras sent the TCU the information supporting the approval of the US$ 1.65 billion operation, but if deemed necessary, may reconsider within 7 days. In a statement, Petrobras said it would “provide the TCU with any additional clarifications necessary to conclude the oversight regarding the sale of the refinery.”

Sale of Petrobras Refinery in Bahia May Be Suspended, Says TCU

The Landulpho Alves Refinery in Bahia Was Sold for US$ 1.65 Billion by Petrobras. According to the TCU, This Amount Would Be Below Market Price

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Sale of Petrobras Refinery in Bahia May Be Suspended, Says TCU

The Landulpho Alves Refinery in Bahia Was Sold for US$ 1.65 Billion by Petrobras. According to the TCU, This Amount Would Be Below Market Price

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