Petrobras Signs Contract for the Sale of the LUBNOR Refinery

Source: www.gulfoilandgas.com 5/25/2022, Location: South America

Petrobras, following up on the statement released on 01/31/2020, informs that it signed with the company Grepar Participações Ltda., a corporate vehicle jointly owned by the companies Grecor Investimentos em Participaçoes Societárias Ltda., Greca Distribuidora de Asphalts Ltd. and Holding GV Participacoes SA, contract for the sale of the Lubrificantes e Derivados de Petróleo do Nordeste (LUBNOR) refinery and its associated logistics assets, located in the state of Ceará.

The total value of the sale is US$34 million, of which (a) US$3.4 million has been paid on today's date; (b) US$9.6 million to be paid at closing of the transaction and (c) US$21 million in deferred payments. Said total sale value does not include the payment of adjustments provided for in the contract, due until the closing of the transaction.

The transaction is subject to the fulfillment of conditions precedent, such as approval by the Administrative Council for Economic Defense (CADE).

LUBNOR is the fourth asset to have the purchase and sale agreement signed within the scope of the commitment signed by Petrobras with CADE in June 2019 to open the refining market in Brazil. This operation is in line with Resolution No. 9/2019 of the National Energy Policy Council, which established guidelines for the promotion of free competition in the refining activity in the country.

“The sale of LUBNOR is yet another important moment for Petrobras' portfolio management and for opening up the refining market in the country. We are contributing to the construction of a more dynamic market, with more competition between agents, more choices for consumers, more investors and more investments”, highlights the president of Petrobras, José Mauro Ferreira Coelho. Petrobras will continue to be a relevant refiner in the country and, at the same time, new agents will start investing in the acquired refineries, which creates a virtuous cycle of economic development.

According to Clovis Fernando Greca, managing partner of the purchasing consortium, the growth in the number of companies participating in the refining market will increase the competitiveness and diversity of players. With this, new opportunities and possibilities will emerge, benefiting society as a whole. “We are feeling victorious and happy to have reached this stage. This is a significant milestone for Brazil, for Ceará, for the refining market and for Petrobras. We believe that LUBNOR will be the beginning of a new cycle of opportunities, in a sector that we intend to grow and invest in new partnerships, respecting the ESG context in which the company is inserted, especially in Ceará”, highlights Clovis.

This disclosure to the market is in accordance with Petrobras' internal rules and with the special regime for the divestment of assets by federal mixed capital companies, provided for in Decree 9,188/2017.

This operation is in line with the portfolio management strategy and the improvement of the company's capital allocation, with a view to maximizing value and greater returns to society. Petrobras continues to increasingly focus its resources on assets that have demonstrated a great competitive advantage over the years, with lower greenhouse gas emissions.


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