Atem buys Petrobras refinery in Amazonas for US$ 189.5 million

Petrobras announced this Wednesday (8/25) the sale of Isaac Sabbá Refinery (REMAN) for Ream Participações, a corporate vehicle owned by the partners of Atem’s Distribuidora de Petróleo, for US$ 189.5 million.

The distributor will pay US$ 28.4 million this Wednesday, with the signing of the contract, as a guarantee; and (US$161.1 million at closing, subject to contractual adjustments.

“Until the conditions precedent are met and the transaction is closed, Petrobras will normally maintain the operation of the refinery and all associated assets. After the closure, Petrobras will continue to support Atem in REMAN’s operations in order to preserve safety and operational continuity for a specified period, under a transitional contract,” the company said in a statement.

Reman, located in Manaus, Amazonas, has a processing capacity of 46 thousand barrels/day and its assets include a storage terminal.

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Second refinery sold

Reman is the second refinery that Petrobras announces the sale. In March, THE Petrobras announced that its Board of Directors approved the sale of the Landulpho Alves Refinery (RLAM) and its associated logistical assets, in Bahia, for the Mubadala Capital for $1.65 billion.

Today is a very happy day for Petrobras and Brazil. It is the beginning of the end of a monopoly in an economy still with monopolies in various activities. RLAM’s divestment contributes to improving capital allocation, reducing the still high indebtedness and to starting a process of reducing the risks of political interventions in fuel pricing, which caused so much damage to Petrobras and to the Brazilian economy itself. The transaction undoubtedly satisfies the best interests of Petrobras and Brazil shareholders”, said Roberto Castello Branco, president of Petrobras, who was replaced by General Luna e Silva.

Interference risk

The risk of interference in fuel prices is a factor that has delayed the sale of Petrobras refineries, said Fernando Borges, executive director of Exploration and Production at the company, in an interview with epbr. Review the broadcast in its entirety

The executive argues that it is necessary to preserve the competitiveness of the oil and gas industry, which includes freedom in pricing, but also the maintenance of the current local content policy and government participation, which includes taxation and royalties based on the production value.

“It is one of the risks that is not making it easy for Petrobras to sell its refineries. This history of interference in Brazil is long and, when there is an alternation of government, there may be another one who thinks that controlling prices is the solution”, he said.