Petrobras enters into process for sale of 4 refineries

Petrobras announced the first phase of the refineries sales program, including four assets, as part of a larger plan to sell eight units equivalent to half of the country’s refining capacity.

In this first phase, Petrobras reported that it will sell the refineries Rnest in Pernambuco; Rlam, in Bahia; Repar, in Paraná; and REFAP, in Rio Grande do Sul, as well as their corresponding logistic assets.

On the eve, the president of Petrobras, Roberto Castello Branco, said that the company expects to sell at least one refinery in 2019.

The sales opportunities of the second phase of the refineries sales plan, which include Regap, Reman, schist industrialisation Unit and Lubnor (northeast Oil Lubricants and derivatives), will be released later this year, the company said.

Petrobras expects to get up to 20 billion dollars with the sale of eight refining assets in a process that should last a year and a half to complete, said a company source to Reuters in April.

“The investments in refining are aligned with the optimization of the portfolio and the improvement of the company’s capital allocation, aiming at maximizing value for our shareholders,” said the company, who turned its focus to oil and gas exploration and production in Deep water.

The deinvestments in refining represent a capacity of about 1.1 million barrels per day of processed petroleum.   Source: Reuters

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