Petrobras has concluded the final round of the binding phase of the sale process of the 333,000 bbl/d Landulpho Alves Refinery (RLAM) and associated logistic assets in Bahia (Brazil). Mubadala Capital, which is the financial investment arm of Mubadala Investment Company, an investment vehicle owned by the government of Abu Dhabi (United Arab Emirates), presented the best final offer in an amount of US$1.65bn. Petrobras will need the approval of the relevant corporate bodies to sign the purchase and sale agreement.
In addition, Petrobras has decided to close the sale process for the Presidente Getúlio Vargas Refinery (REPAR) in Paraná, as the presented proposals fell short of the company's economic-financial evaluation. Petrobras will start a new competitive process for the refinery.
In November 2019, Petrobras started the final phase of the privatisation process of four refineries. As part of an antitrust deal with the Brazilian Ministry of Justice, the company has been forced to sell 4 of its 13 refineries, accounting for half of Brazil's 2.1 mb/d refining capacity. It includes the 130,000 bbl/d Abreu e Lima (RNEST) refinery in Pernambuco, the 333,000 bbl/d Landulpho Alves (RLAM) refinery in Bahia, the 208,000 bbl/d Presidente Getúlio Vargas (REPAR) refinery in Paraná and the 208,000 bbl /d Alberto Pasqualini (REFAP) refinery in Rio Grande do Sul. In February 2020, Petrobras started the binding phase related to the privatisation of another 3 refineries. Refining assets to be sold included the 46,000 bbl/d Isaac Sabbá (REMAN) refinery in Manaus (Amazona), the 8,000 bbl/d Lubricants and Oil Derivatives of the Northeast (LUBNOR refinery) in Fortaleza (Ceará), and the 6,000 bbl/d Shale Industrialization Unit (SIX) refinery in São Mateus do Sul (Paraná). In addition, Petrobras is also selling the 166,000 bbl/d REGAN refinery in Betim (Minas Gerais).
Interested in World Refineries?
Use this powerful business intelligence tool to assess current and future production capacities of oil products by country and by zone. Gain insight into companies' asset portfolios and future trends for refined oil production capacities, giving you the ultimate edge for strategy and decision-making.