Petrobras advances refineries divestment programme

Brazilian oil company Petrobras has started the non-binding phase for the sale of its refineries in the country as part of its previously announced plans.

The divestment includes the sale of the Isaac Sabbá Refinery (REMAN) in Manaus, Amazonas State, and Northeast Lubricants and Oil Derivatives (LUBNOR) in Fortaleza, Ceará.

Also included in the divestment programme is Shale Industrialization Unit (SIX) in Paraná and other associated logistics assets.

Potential buyers qualified by signing the confidentiality agreement and compliance statement for this phase will need to sign and submit these documents to Petrobras by 6 December.

The buyers must state their interest as provided for in the teasers on assets accompanying the documents by 22 November.

The refinery divestments are in alignment with the company’s portfolio optimisation, as well as improved capital allocation to maximise value for its shareholders.

REMAN and LUBNOR respectively have a processing capacity of 46,000bpd and 8,000bpd. SIX has an installed capacity of 6,000bpd.

SIX comprises a mine in an oil shale reserve and a shale processing unit while REMAN’s assets include a storage terminal.

The proposed refinery divestments follow Petrobras’ sale of its Pasadena Refining System, including the 112,229bpd refinery in Pasadena, Texas, and PRSI Trading businesses to Chevron in May.

This month, the company signed a memorandum of understanding (MoU) with Equinor to focus on the development of natural gas business projects.

In July, Petrobras signed an agreement with Brazil’s regulatory body Administrative Council for Economic Defense (CADE) regarding the sale of the company’s refining installations.