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Petrobras says its value could increase by almost half by 2021

February 06/2020

MOSCOW (MRC) -- Brazilian state-run oil firm Petrobras expects to increase its equity value by roughly 45% by 2021, in large part by cutting costs and divesting non-core assets, it said in a presentation released, reported Reuters.

Capital expenditure from 2020 to 2024 will be concentrated in Brazils offshore "pre-salt" formation, with a special emphasis on its Buzios field, Petroleo Brasileiro SA, as the firm is formally known, said.

As MRC wrote earlier, Petrobras has recently announced the binding phase for the sale of three refineries in Brazil, according to a securities filing on Friday. The refineries are located in the states of Amazonas, Ceara and Parana. The largest of the three, REMAN, in Amazonas, has a 46,000 barrel a day processing capacity, according to the filing.

We also remind that the chief executive of Brazilian state-run oil firm Petroleo Brasileiro said in December 2019 he wants to sell the company's stake in petrochemical company Braskem within 12 months.

Besides, Braskem is no longer pursuing a petrochemical project, which would have included an ethane cracker, in West Virginia. And the company is seeking to sell the land that would have housed the cracker. The project, announced in 2013, had been on Braskem's back burner for several years.

Ethylene and propylene are feedstocks for producing polyethylene (PE) and polypropylene (PP).

According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 1,904,410 tonnes in the first eleven months of 2019, up by 6% year on year. Shipments of all PE grades increased. PE shipments increased from both domestic producers and foreign suppliers. The PP consumption in the Russian market was 1,161,830 tonnes in January-November 2019, up by 7% year on year. Deliveries of all grades of propylene polymers increased, with the homopolymer PP segment accounting for the largest increase.

Headquartered in Rio de Janeiro, Petrobras is an integrated energy firm. Petrobras' activities include exploration, exploitation and production of oil from reservoir wells, shale and other rocks as well as refining, processing, trade and transport of oil and oil products, natural gas and other fluid hydrocarbons, in addition to other energy-related activities.


mrcplast.com
Author:Margaret Volkova
Tags:PP, PE, crude and gaz condensate, PP random copolymer, propylene, ethylene, petrochemistry, Braskem, Petrobras, Brazil, Russia.
Category:General News
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