Petrobras proceeds with sale of downstream refining, logistics assets

Petrobras proceeds with sale of downstream refining, logistics assets
Published: 18 July 2019 - 8 a.m.
By: Martin Menachery
Petrobras announced the beginning of the opportunity disclosure stage (teaser) related to the sale of refining and associated logistics assets in Brazil.

The divestments account for about 50% of the national refining capacity, with a total of 1.1 million barrels of processed oil per day, and include the sale of the following assets: Abreu e Lima Refinery (RNEST), Shale Industrialization Unit (SIX), Landulpho Alves Refinery (RLAM), Gabriel Passos Refinery (REGAP), Presidente Getúlio Vargas Refinery (REPAR), Alberto Pasqualini Refinery (REFAP), Isaac Sabbá Refinery (REMAN) and Lubrificantes e Derivados de Petróleo do Nordeste (LUBNOR), as well as the logistics assets integrated to these refineries.

The sale of these eight refineries will be carried out pursuant to the Petrobras' divestment methodology, through independent competitive processes, which will take place in two phases.

The first phase, of which the opportunity disclosure stage begins, includes the following refineries: RNEST in Pernambuco, RLAM in Bahia, REPAR in Paraná, and REFAP in Rio Grande do Sul, as well as their corresponding logistics assets. Teasers of this phase, which include key information about the assets and eligibility criteria for the selection of potential participants, are available on the Petrobras website.

Teasers of the second phase, comprising REGAP, REMAN, SIX and LUBNOR refineries and their corresponding logistics assets, will be released later this year.

Downstream divestments are aligned with Petrobras’ portfolio optimisation and capital allocation improvement, aiming to maximise value for the company’s shareholders.

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