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Ultrapar looking for strategic partner for Petrobras refineries

March 24/2020

MOSCOW (MRC) --  Brazilís Ultrapar Participacoes SA is looking for a strategic partner to bid for refineries put on the block by state-controlled oil company Petroleo Brasileiro SA, CEO Andre Dias told analysts in a conference call, said Hydrocarbonprocessing.

Dias said the conglomerate, with activities ranging from retail to fuel distribution, is attentive to all opportunities in Petrobrasí divestiture program.

As MRC wrote previously, in October 2017, Petrobrasís minority stakes in Braskem and Deten Quimica was excluded from Petrobrasís divestment program, according to a government decree published in Brazilís Official Gazette. The decree prevented Petrobras from immediately selling its minority stake in Braskem, which had been announced last year. A new decree will be required to release the stock sale.

As MRC wrote earlier, 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.

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 215,390 tonnes in the first month of 2020, up by 23% year on year. Shipments of all grades of high density polyethylene (HDPE) and linear low density polyethylene (LLDPE) increased due to higher capacity utilisation at ZapSibNeftekhim. At the same time, PP shipments to the Russian market were 127,240 tonnes in January 2020, up by 33% year on year. ZapSibNeftekhim's homopolymer PP accounted for the main increase in shipments.

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:Anna Larionova
Tags:petroleum products, crude oil, PP, PE, petrochemistry, Petrobras.
Category:General News
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