MOSCOW (MRC) -- Brazilian state-run company Petrobras has signed a deal with Carmo Energy to sell its stakes in 11 producing fields located in Polo Carmopolis area for USD1.1bn, according to OGV.
Located in different municipalities in the state of Sergipe, the onshore production concessions are jointly called Carmopolis Cluster. The concessions include integrated facilities with an access to oil and natural gas processing, flow, storage and transportation infrastructure.
Under the terms of the agreement, Carmo Energy will pay USD275m as down payment and a further USD550m at the closing of the transaction. The company will have to pay the remaining USD275m to Petrobras, one year upon the closing the deal.
Petrobras stated: “This operation is aligned with the portfolio management strategy and the improved allocation of the company’s capital, aiming to maximize value and greater return to society.
“Petrobras is increasingly concentrating its resources on deep and ultra-deep water assets, where it has shown a great competitive edge over the years, producing better quality oil and with lower greenhouse gas emissions.”
As MRC reported before, Brazil’s state-controlled oil producer has taken a step closer to selling its stake in the Braskem petrochemicals business after the board approved a share offering. Rio de Janeiro-based Petrobras can sell up to 100% of its preferred Braskem shares in a follow-on offering, it said in a filing earlier this month.
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 2,047,100 tonnes in the first ten months of 2021, up by 17% year on year. Shipments of all grades of ethylene polymers increased. At the same time, PP shipments to the Russian market were 1,226,530 tonnes in January-October 2021, up by 26% year on year. Supply of propylene homopolymers (homopolymer PP) and block-copolymers of propylene (PP block copolymers) increased, whereas supply of injection moulding stat-copolymers of propylene (PP random copolymers) decreased significantly.
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.
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