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Petrobras fails to sell RNEST refinery

August 30/2021

MOSCOW (MRC) -- Brazil's state-run oil company Petrobras, formally known as Petroleo Brasileiro SA, said it had failed to secure a buyer for the Abreu e Lima (RNEST) refinery after the interested firms declined to offer a bid, reported Reuters with reference to the company's file.

Petrobras said it would end the sale process, and analyze its next steps.

As MRC wrote before, last week, the company signed a contract to sell the REMAN refinery in the northern state of Amazonas for USD189.5 million to Ream Participacoes S.A., a subsidiary of distributor Atem. For the REMAN refinery, the second it has agreed to sell of eight that were put up for sale, Petrobras said it would receive US28.4 million upfront with the rest paid when the deal closes. The REFAP, REGAP, LUBNOR, and SIX units are still trying to attract buyers, Petrobras said.

Besides, 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.


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