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Petrobras announces sale of its second refinery

August 26/2021

MOSCOW (MRC) -- Following the sale of the Bahia refinery to the Arab fund Mubadala, Petrobras has announced the sale of its second facility, according to NewsBeezer.

The state-owned company has signed a contract with Ream Participacoes, which belongs to the distributor Atem, for the sale of the Isaac Sabba (Reman) refinery and the associated logistics facilities in the state of Amazonas.

The sale value is USD189.5 million. Of this, USD28.4 million will be paid upon signature of the contract and the remaining USD161.1 million upon closing of the transaction. Atem is a distributor in the north of the country.

Atem has five sales bases and 300 franchise service stations. The company operates in the states of Amazonas, Acre, Roraima, Rondonia, Para, Mato Grosso, Mato Grosso do Sul, Sao Paulo and Parana.

According to the state-owned company, the company is subject to the fulfillment of conditions precedent, such as approval by the Board of Directors for Economic Defense (Cade). A total of eight refineries belonging to the state-owned company are currently in the sales process.

The Manaus refinery was inaugurated in 1957 in the presence of the then President Juscelino Kubitschek. The plant has a processing capacity of 46,000 barrels per day. The refinery serves the states of Para, Amapa, Rondonia, Acre, Amazonas and Roraima.

As MRC wrote previously, earlier this month, Petrobras hired JPMorgan Chase & Co as an advisor to sell its stake in the petrochemical company Braskem SA.

We 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 the main feedstocks for the production of polyethylene (PE) and polypropylene (PP), respectively.

According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 1,176,860 tonnes in the first half of 2021, up by 5% year on year. Shipments of exclusively low density polyethylene (LDPE) decreased. At the same time, PP shipments to the Russian market were 727,160 tonnes in the first six months of 2021, up by 31% year on year. Supply of homopolymer PP and block-copolymers of propylene (PP block copolymers) increased. Supply of statistical copolymers of propylene (PP random copolymers) subsided.

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.
Author:Margaret Volkova
Tags:PP, PE, crude and gaz condensate, propylene, ethylene, petrochemistry, Braskem, Petrobras, Brazil, USA.
Category:General News
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