Petrobras says it will reevaluate the sale of a refinery in BA

The president of Petrobras, Jean Paul Prates, stated that the sale of the Landulpho Alves Refinery (Rlam), currently the Mataripe Refinery, in Bahia, is under evaluation by the state-owned company, in dialogue with the control bodies. According to him, there is already an administrative procedure in place to evaluate the business, under assessment by the company's relevant integrity areas. The statement was made on his social networks.

“The legitimacy of external control to oversee Petrobras’ activities is indisputable and necessary, forming the governance system that protects the company. It is not for nothing that, at the time I served as Senator of the Republic, I requested careful monitoring of this negotiation process and its consequences”, said Prates on X, formerly Twitter.

According to the president of the oil company, the conclusions of the control bodies, among other inspection and investigation institutions, will guide the company's actions.

“And they are crucial for the preservation of the public and private assets that Petrobras represents”, he added.

Rlam was sold in November 2021, during the Bolsonaro government, to the Arab investment fund Mubadala for US$ 1.65 billion, or around R$ 10 billion at the time, a value considered below expectations by investment banks such as BTG and the Institute for Strategic Studies of Petroleum, Natural Gas and Biofuels (Ineep), who expected at least twice as much for the sale.

'Weaknesses'

This week, the Comptroller General of the Union (CGU) also said it had found “weaknesses” in the business, mainly the sale below the market price, resulting, especially, from the unfavorable moment for business in the sector, with oil being traded at low during the covid-19 pandemic.

In November last year, after twice postponing the delivery of a refinery in Ceará, sold for US$34 million (R$167.3 million) in 2022, also under Jair Bolsonaro's government, to a group specializing in asphalt , Petrobras decided to terminate the contract.

Lubnor

The state-owned company announced the “renationalization” of Lubrificantes e Derivados de Petróleo do Nordeste (Lubnor) with the argument that some precedent conditions for transferring the asset had not been completed.
The information is from the newspaper The State of S. Paulo.