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Petrobras starts disclosure of divestment opportunities in refining

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Hydrocarbon Engineering,

Petrobras has announced that it has started the disclosure stage of two divestment opportunities (teasers) related to the sale of its interest in refining and logistics in two geographical regions in Brazil.

The model provides for the creation of two subsidiaries, one including assets from the Northeast region, and the other including assets from the South region. Petrobras intends to sell 60% of its equity interest in each of these new companies.

The Northeastern subsidiary will comprise two refineries, namely Landulpho Alves (RLAM), in the state of Bahia, and Abreu e Lima (RNEST), in the state of Pernambuco, as well as the associated logistics assets (pipelines and terminals) operated by Transpetro, including two marine terminals (Madre de Deus and Suape) and three inland terminals (Candeias, Itabuna and Jequié), two oil supply pipelines, one polyduct and 35 refined products pipelines connecting refineries to distribution terminals and distribution bases.

The Southern company will comprise two refineries, namely Alberto Pasqualini (REFAP), in the state of Rio Grande do Sul, and Presidente Getúlio Vargas (REPAR), in the state of Paraná, as well as the associated logistics assets (pipelines and terminals), operated by Transpetro, including four marine terminals (Paranaguá, São Francisco do Sul, Tramandaí and Niterói) and three inland terminals (Guaramirim, Itajaí and Biguaçu), two oil supply pipelines, two polyducts and four refined oil pipelines connecting refineries to distribution terminals and distribution bases.

The partnerships are part of Petrobras’ strategic repositioning in refining, transportation and logistics segments, in line with Petrobras' Strategic Plan and Business and Management Plan, which provides for the establishment of partnerships and divestments as one of the main initiatives for risk mitigation, value adding, sharing of knowledge, strengthening of corporate governance and improving the company's financiability.

The opportunities presented are in line with the company’s proposed model disclosed on 19 April 2018, widely debated at the seminar ‘Petrobras Repositioning in Refining’, held at Fundação Getulio Vargas in Rio de Janeiro, with representatives of the Ministry of Mines and Energy (MME), the National Petroleum Agency (ANP), the Brazilian Institute of Petroleum, Natural Gas and Biofuels (IBP), the Industry and the Academy.

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