Petrobras to sell RLAM refinery to Mubadala Capital

Petrobras has finalised an agreement to sell Landulpho Alves Refinery (RLAM) and its associated logistics assets in Bahia to Abu Dhabi’s Mubadala Capital for $1.65bn.

Brazil’s state-controlled oil firm said that Mubadala Capital presented the best final offer following the final round of the binding phase.

The agreement, however, is subject to the approval of the relevant corporate bodies.

Petrobras also received binding proposals from undisclosed firms for the sale of the Presidente Getúlio Vargas Refinery (REPAR), in Paraná.

The firm in a statement said: “The firm decided to close the process, since the conditions of the presented proposals fell short of Petrobras’ economic-financial evaluation. Thus, the company will start a new competitive process for this refinery in due time.”

Petrobras is also considering the sale of multiple other refineries, including the Alberto Pasqualini Refinery (REFAP) in Rio Grande do Sul, the Isaac Sabbá Refinery (REMAN) in Amazonas, the Abreu e Lima Refinery (RNEST) in Pernambuco, and the Gabriel Passos Refinery (REGAP) in Minas Gerais.

In a press statement, the company said: “Petrobras reinforces its commitment with a wide transparency of its divestment projects and management of its portfolio and informs that the subsequent steps will be disclosed to the market in accordance with the company’s Divestment Guidelines and the Decree 9,188/2017.”

Last month, Petrobras said it in talks with the Brazilian group Ultrapar Participacoes to sell its Alberto Pasqualini Refinery (Refap) in the state of Rio Grande do Sul.