Petrobras Starts Refinery Binding Phase

Instant Max AI

(Petrobras, 22.Nov.2019) — Petrobras, following up on the release dated August 30, 2019, informs the beginning of the binding phase regarding the first stage of the sale of refining and associated logistics assets in the country, which includes the refineries Abreu e Lima (RNEST) in Pernambuco, Landulpho Alves (RLAM) in Bahia, Presidente Getúlio Vargas (REPAR) in Paraná and Alberto Pasqualini (REFAP) in Rio Grande do Sul and their corresponding logistics assets.

Potential buyers qualified for this phase will receive a process letter with detailed instructions on the divestment process, including guidance for due diligence and submission of binding proposals.

The operation complies with Petrobras’ divestment guidelines and with the special regime of asset divestment by federal mixed-capital companies, provided for in Decree 9,188/2017.

This transaction is in line with the portfolio optimization and the improvement of the company’s capital allocation, aiming at creating value for our shareholders.

About the refineries

RNEST is located in the state of Pernambuco and has a processing capacity of 130,000 barrels/day (5% of Brazil’s total oil refining capacity) and a potential to double its capacity with the entry of a second processing line (“segundo trem”), reaching 260 thousand barrels/day. Its assets include a storage terminal and a set of short pipelines (101km).

RLAM is located in the state of Bahia, has a processing capacity of 333,000 barrels/day (14% of Brazil’s total oil refining capacity), and its assets include four storage terminals and a set of pipelines totaling 669 km.

REPAR is located in the state of Paraná, has a processing capacity of 208,000 barrels per day (9% of Brazil’s total oil refining capacity), and its assets include five storage terminals and a set of pipelines in total of 476 km.

REFAP is located in the state of Rio Grande do Sul, has a processing capacity of 208,000 barrels/day (9% of Brazil’s total oil refining capacity), and its assets include two storage terminals and a set of pipelines totaling 260 km.

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