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Petrobras sells assets in Nigeria, ends activities in Africa

January 21/2020

MOSCOW (MRC) -- Petrobras finalized the sale of its shares at Petrobras Oil & Gas B.V., the company producing oil in Nigeria, on Africa's west coast, reported Reuters.

The Brazilian state-controlled firm had 50 percent of the company, in a joint venture with BTG Pactual E&P B.V, and sold its shares to Canada's Africa Oil Corp. for USD1.45 billion.

According to a note released by Petrobras, the transaction "is in line with the optimization of the portfolio and the improvement in the company's capital allocation, aiming at generating value for its shareholders."

PO&GBV held shares in the production of three Nigerian oil fields - Agbami, Akpo, and Egina - with a 34 thousand daily average of barrels for Petrobras. The move marks the end of the company's activities in Africa.

As MRC informed before, in early December 2019, the chief executive of Brazilian state-run oil firm Petroleo Brasileiro said on Friday he wants to sell the company's stake in petrochemical company Braskem within 12 months, adding that he strongly disagreed with reported plans to delay the sale.

We also remind that 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, homopolymer PP, propylene, ethylene, petrochemistry, Braskem, Petrobras, Brazil, Russia.
Category:General News
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