The Brazilian state-run oil and gas company Petróleo Brasileiro (Petrobras) plans to pursue its divestment programme by selling a majority stake in refining and logistic assets operated by Transpetro in Brazil. Petrobras will divide them into two regional subsidiaries, namely the northeastern and the southeastern groups, and will sell a 60% stake in these subsidiaries.
The northeastern group will encompass the Landulpho Alves (RLAM, state of Bahia) and the Abreu e Lima (RNEST, state of Pernambuco) refineries along with the associated logistic assets such as pipelines and terminals. The southeastern subsidiary is expected to include the two other refineries, namely the Alberto Pasqualini (REFAP, state of Rio Grande do Sul) and the Presidente Getúlio Vargas (REPAR, Paraná) facilities along with two oil supply pipelines and the associated terminals. The northeastern region currently stands for 19% of Petrobras' domestic capacity but will rise to 24% with the commissioning of the second 130,000 bbl/d phase of the RNEST facility by 2021, while the southeastern facilities account for 18% of the total (approximately 416,000 bbl/d).
Interested parties have until the end of May 2018 to request further information on the assets. Petrobras will continue to hold a 40% stake in the assets. Once the transactions are complete, Petrobras' stake in the Brazilian refining market will drop from 98% to 75%.