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Amid The COVID-19 Pandemic, Petrobras Decided To Postpone The Acceptance Of Binding Offers For Eight Refineries. The State-Owned Company Did Not Provide A New Date For The Submission Of Proposals
Petrobras postponed the acceptance of binding offers for the refineries put up for sale due to measures to prevent the coronavirus, which has the potential to delay the sale process of some of the state-owned company’s main businesses. Petrobras Postpones The Submission Of Gaspetro Proposal To April 30
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According to the state-owned company, the postponement of proposals from eight refineries aims to “ensure the effective completion of due diligence by potential buyers,” at a time when measures to contain the coronavirus recommend social distancing.
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Petrobras did not provide a new date for the submission of proposals in a process that has attracted large companies, many of them foreign.
In a statement, Petrobras “reinforces its commitment to the project to sell refining assets and their respective logistical assets, as stipulated in its 2020-2024 Strategic Plan.”
The move confirms expectations that the sale process of the refineries could be delayed. The state-owned company would make short-term adjustments to its business plan amid the drop in oil prices.
Petrobras’ business plan foresees divestments between US$ 20 billion and US$ 30 billion for the 2020-2024 period, with the largest concentration in the years 2020 and 2021, with the eventual sale of the eight refineries.
The Postponed Processes Of Petrobras Include The Following Refineries
- Abreu e Lima (Rnest) in Pernambuco
- Landulpho Alves (Rlam) in Bahia
- Presidente Getúlio Vargas (Repar)
- Shale Industrialization Unit (SIX) in Paraná
- Alberto Pasqualini (Refap) in Rio Grande do Sul
- Gabriel Passos Refinery (Regap) in Minas Gerais
- Isaac Sabbá Refinery (Reman) in Amazonas
- Lubricants And Oil Derivatives Of The Northeast (Lubnor) in Ceará.
