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CADE approves Petrobras refinery sale to UAE investor

June 11/2021

MOSOCW (MRC) -- Brazilian antitrust body CADE has approved the sale of refinery RLAM to the UAE's investor Mubadala Investment Company, reported Reuters with reference to a notice in the official gazette.

The deal was announced in March for USD1.65 billion.

RLAM is the first of eight Petrobras refineries on the block to be sold.

As MRC informed before, in December 2020, it became known that Petrobras was seeking 800 million reais (USD152 million) in compensation from engineering group Odebrecht in arbitration proceedings over its alleged violation of the shareholders agreement in petrochemical company Braskem.

We remind that Petrobras may need more than a year to divest its stake in Braskem, said Andrea Almeida, Petrobras CFO, in early July, 2020. She said during the company's recent webinar that Petrobras plans to give more time for potential investors to make offers for the company"s assets, including for its refineries and stakes at its petrochemical and fuel distribution affiliates. The divestment of Petrobras's stake in Braskem in 2020 would be desirable but "might not be possible" as the COVID-19 pandemic has changed market conditions, she said. The company plans to close part of its refinery sales in 2021. In December, Roberto Castello Branco, CEO of Petrobras, said that he wants to sell the company's stake in Braskem within a year. Petrobras owns 32.15% of Braskem.

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, petrochemistry, Braskem, Petrobras, Brazil.
Category:General News
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