Brazil’s Petrobras has initiated the nonbinding phase related to the first leg of the operator’s previously announced plan to divest its Brazilian assets in downstream and associated logistics.Petroleo Brasileiro SA (Petrobras) has initiated the nonbinding phase related to the first leg of the operator’s previously announced plan to divest its Brazilian assets in downstream and associated logistics
As part of the nonbinding phase—which includes Refinaria Abreu e Lima (RNEST) in Pernambuco, Refinaria Landulpho Alves (RLAM) in Bahia, Refinaria Presidente Getulio Vargas (REPAR) in Parana, and Refinaria Alberto Pasqualini (REFAP) in Rio Grande do Sul, as well as their corresponding integrated logistics assets—qualified potential buyers will receive a descriptive memorandum with more detailed information about the assets, as well as instructions on the divestment process, including guidelines for preparing and submitting nonbinding proposals, Petrobras said.
According to OGJ report saying teasers for the second phase of the downstream divestment plan—which will include Refinaria Gabriel Passos (REGAP), Refinaria Isaac Sabba, Unidade de Industrializacao do Xisto (SIX), and Refinaria Lubrificantes e Derivados do Nordeste (Lubnor), as well as their corresponding logistics assets—will be released later this year, Petrobras said in late June.
In the report it was disclosed that the proposed refinery divestments follow Petrobras’s completed sale of its Pasadena Refining System Inc.—including the 110,000-b/d refinery in Pasadena, Tex.—and PRSI Trading LLC businesses to Chevron USA Inc. in May.
Alongside repositioning the company’s portfolio to higher-yielding assets, the refineries’ divestment projects also will allow for the increase in competitiveness and transparency of the downstream business in Brazil in line with the National Petroleum, Natural Gas, and Biofuels Agency of Brazil’s position and recommendations of the country’s Administrative Council for Economic Defense.