Petrobras wins auction for the Port of Santos
Lease awarded by Petrobras has a 25-year term, with the possibility of extension. The STS08A – Port of Santos, holds the title of largest port lease auction in the last 20 years
Petrobras informed in a relevant fact to the market that it bought yesterday (11/19) the port area called STS08A, in the Port of Santos, for R$ 558.2 million, in an auction promoted by the Ministry of Infrastructure and the National Waterway Transport Agency (Antaq). Currently, Transpetro, a company in the Petrobras group, already operates the area.
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According to the oil company, the lease of the area acquired in the Port of Santos has a 25-year term, with the possibility of extension.
The Port of Santos area is intended for the movement, storage and distribution of bulk liquids (fuels). The auction criterion was the highest grant value, with no minimum bid.
The STS08A – Port of Santos, holds the title of largest port lease auction in the last 20 years
The STS08A terminal – Port of Santos, has an estimated investment of R$ 678.3 million throughout the contract.
The initial plan for the auction of the Port of Santos was bigger. The government did not receive a proposal for a second liquid terminal area (STS 08) placed in the square, also under the current administration of the Petrobras subsidiary.
Even with this embezzlement, the STS08A event carries the title of largest port lease auction in the last 20 years.
There are almost R$ 700 million in investments in an area of 297.3 thousand square meters, with pipeline connection to the Presidente Bernardes refinery and the Cubatão terminal, through which it is connected to the refineries existing in the state of São Paulo.
Petrobras’ gross debt of over 160 billion dollars drops to 59.6 billion and the state company reaches its stipulated target more than a year in advance!
Petrobras’ debt that seemed unpayable: in 2014 expenses reached values of around US$1.7 billion per quarter; expressive reduction is a demonstration of the financial rebalancing process reached by the Brazilian oil giant
Petrobras informed the market, in a material fact, last Tuesday (11/16), that it is significantly reducing the amount with interest and charges on its financial debt. Expenses with these financings dropped to US$ 669 million in the 3rd quarter of 2021, a number around 31.1% lower than the US$971 million spent in the 3rd quarter of 2020. When comparing the first nine months of 2021 with the same period Last year, the reduction obtained was also significant: a drop from approximately US$ 2.8 billion to approximately US$ 2.3 billion, a reduction of 17.9%.
For many, this debt seemed unpayable. Petrobras, however, set as a goal the reduction of its total gross debt (financing and leases) to US$ 60 billion, an amount considered healthy for a company like Petrobras, by the end of 2022. Recently, in the results of the 3rd quarter of 2021, Petrobras reported that it reduced its gross debt to the value of US$ 59.6 billion, thus reaching the stipulated target more than a year in advance. Read the full article here.