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Brazilian Petrobras starts the sales process for its four refineries

June 28, 2019
Updated June 28, 2019 at 14:25

Brazil's petroleum company Petrobras launched a process Friday to abolish its monopoly in Brazil's refinery sector, announcing the sale of four of the eight refineries that it has included in its plan of disinvestment. .
The largest company in Brazil, with shares traded on the stock market but under state control, has published a report on the market, announcing the opportunities it offers through the sale of refinery and related logistics in the country.
"Sales in Brazil represent about 50% of processing capacity, ie, plants with a total processing capacity of 1.1 million barrels a day," said an oil company that has a total of 13 refineries.

Funds to be offered include Refinaría Abreu Lima, Xisto Industrial Unit, Landulpho Alves refinery and Gabriel Passos refinery, the statement said.

Likewise, President Getúlio Vargas Refinery, Refinery Alberto Pasqualini, Refinery Isaac Sabbá, Lubricants and Petroleum Derivatives of the Northeast will be sold as well as all logistics resources integrated into those plants that include pipelines and gas pipelines. Petrobras explained that the sale will take place through independent competition in two phases. Four refineries will be offered in the first in Pernambuco, Bahia, Paraná and Río Grande do Sul.

The Petroleum Company reported that it published on its website all the information on these funds and the criteria for selecting the potential participants in the auctions. Data from the four refineries to be included in the second phase of the competition will be published this year, according to the state's note.

Petrobras expects to receive about $ 20 billion from the sale of its eight refineries, a process that can last year and a half, according to media reports.

Sales Decision 8 Petrobras 13 Refineries is part of the company's plan to restructure its size, concentrate its operations on the production of deep water and provide greater "competitiveness and transparency to the Brazilian refining segment"

Brazil's oil company has been immersed in an ambitious property sales program for a number of years to reverse the serious economic crisis that has been involved in corruption scandals and a fall in oil prices.

Petrobras estimates that this year will sell assets worth between $ 30 billion and $ 40 billion, which is twice as much as planned in the current plan of disinvestment, according to calculations by the chairman of Roberto Castello Branca.

The company also clarified that it would take care to prevent refinery sales to create new monopolies, which would happen if the same company bought all the factories in the same region.

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