Petróleo Brasileiro SA (Petrobras) has received binding proposals for the sale of four of its refineries as part of the operator’s program to divest its Brazilian refining and related logistics assets that resumed in March following a previous delay in the process to allow potential buyers enough time to conduct thorough due diligence amid interruptions to normal business operations as a result of the coronavirus (COVID-19) health crisis (OGJ Online, June 25, 2020; Mar. 20, 2020; Jan. 31, 2020).
On Dec. 2, Petrobras confirmed receipt of binding proposals for the following refineries and associated assets:
- The 333,000-b/d Refinaria Landulpho Alves (RLAM) refinery and related assets—including four storage terminals and a set of pipelines totaling 669 km—in the Recôncavo Baiano region of Bahia.
- The 46,000-b/d Isaac Sabbá refinery (REMAN)—including a storage terminal—in Manaus, Amazonas.
- The 8,000-b/d Lubrificantes e Derivados de Petróleo do Nordeste (LUBNOR) refinery in Fortaleza, Ceará, which is one of the national leaders in asphalt production, as well as the only plant in Brazil to produce naphthenic lubricants.
- The 6,000-b/d Unidade de Industrialização do Xisto (SIX) unit—including a mine in one of the largest oil shale reserves in the world and a shale processing plant—in São Mateus do Sul, Paraná.
Additionally, Petrobras said it expects to receive binding proposals on Dec. 10 for the 208,000-b/d Refinaria Presidente Getúlio Vargas (REPAR) refinery—with assets that include five storage terminals and a 476-km set of pipelines—in Paraná, as well as the 208,000-b/d Refinaria Alberto Pasqualini (REFAP) refinery—with assets that include two storage terminals and a set of pipelines totaling 260 km—in Rio Grande do Sul.
Delivery of binding proposals for the 130,000-b/d Refinaria Abreu e Lima (RNEST) refinery—which has the potential to double its capacity 260,000 b/d with startup of a second processing line and includes both a terminal and a 101-km set of short pipelines—in Pernambuco, and the 166,000-b/d Refinaria Gabriel Passos (REGAP) refinery—including a set of pipelines of more than 720 km—in Betim, Minas Gerais, are due in first-quarter 2021, the operator said.
Petrobras, however, did not confirm potential buyers associated with binding proposals for purchase of the refineries.
