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Petrobras puts stake in petrochemical complex up for sale

June 03/2021

MOSCOW (MRC) -- Brazilian state-run oil company Petroleo Brasileiro SA has begun the sale process for its 27.88% stake in the Deten Quimica SA petrochemical complex in the northeastern state of Bahia, said Reuters.

Petrobras is seeking bidders for its 27.88% stake in Deten Quimica, a Brazilian producer of linear alkyl benzene (LAB), the state-controlled energy producer said on Wednesday.

Petrobras has started distributing information about the sale, such as eligibility requirements for the bidders, the company said. Deten is Brazil's sole producer of LAB.

Deten's remaining 72% stake is owned by Cepsa.

As per MRC, Petroleo Brasileiro SA (Petrobras) has not signed an agreement with antitrust regulator Cade on additional commitments regarding refinery divestments. Petrobras has been trying to sell refineries in one of the world's largest fuel markets for almost a decade and it relauched its plan under Chief Executive Officer Roberto Castello Branco, who took office in January 2019.

Ethylene and propylene are the main feedstocks for the production of PE and PP, respectively.

According to MR''s ScanPlast report, Russia's estimated PE consumption totalled 576,270 tonnes in the first three month of 2021, up by 4% year on year. Low density polyethylene (LDPE) and high density polyethylene (HDPE) shipments increased. At the same time, PP shipments to the Russian market totalled 410,890 tonnes in January-March 2021, up by 56% year on year. Supply of homopolymer PP and PP block copolymers increased.

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, PP, PE, neftegaz, petrochemistry, Petrobras.
Category:General News
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