Mubadala creates company to operate refinery purchased from Petrobras in Bahia | Companies

O sovereign fund Mubadala, in Abu Dhabi, just created the acelen, company that will make the management and operation of the Landulpho Alves oil refinery (RLAM), acquired from Petrobras in March. The asset was purchased for US$ 1.65 billion and the completion of the operation is in the final phase, as informed by the company.

According to a statement from Acelen, the process “is subject to certain conditions precedent”.

located at Mataripe San Francisco do Conde, at Bahia —, RLAM was the first national refinery built in the country, starting operations in September 1950. It went through several operational updates. The refinery produces LPG, Gasoline, diesel and petrochemical naphtha, among other products.

In addition to the facilities in Mataripe, RLAM has supply terminals and pipelines in the municipalities of mother of God, lamps, Jequié and Itabuna.

Mubadala Capital, which controls Acelen, is the asset management subsidiary of Mubadala Investment Company, leading global sovereign investor based in Abu Dhabi. In addition to managing its own investment portfolio, the subsidiary manages $9 billion of third-party capital from institutional investors, including a fund in Brazil, three private equity funds, two early-stage venture capital funds and a public fund.

According to the note, one of the company’s premises will be the regional supply of oil derivatives. In addition, Acelen intends to maximize the use of the refinery’s assets, investing in expansion and modernization projects.

The new name and brand were created by the Keenwork design firm.

Landulpho Alves refinery, sold by Petrobras to the Mubadala fund — Photo: Disclosure/Petrobras