Next steps for Petrobras divestitures in Natural Gas and Refining

July 17, 2019

The next two months will be crucial for the Petrobras divestment program in the Natural Gas and Refining segments. By the beginning of September, the oil company will launch the teasers for the remaining 10% of its stake in the gas pipeline networks – Nova Transportadora Sudeste (NTS) and Transportadora Associada de Gas (TAG), in addition to the second refining package, which includes Unidade de Industrialização do Xisto (SIX), in Paraná; and Gabriel Passos (Regap) refineries in Minas Gerais, Isaac Sabbá (Reman) in Amazonas, and Lubrificantes e Derivados de Petróleo do Nordeste  (Lubnor) in Ceará.

The schedule of the new divestments was confirmed by a senior Petrobras source. The company sold 90% of its shares in NTS to Brookfield Brasil Asset Management Investimentos, for US $ 4.23 billion. The sale of the 90% of the TAG was made to the group formed by Engie and the Canadian fund Caisse de Dépôt et Placement du Québec (CDPQ), for R $ 33.5 billion.

The divestiture plan for 2019 may include the release of the Gaspetro teaser in December. If there is not enough time, the start of the process of selling the 51% stake of the oil company in the company of commercialization, import, export, storage and distribution of gas will be re-scheduled for the beginning of 2020.

For the first quarter of next year, the sale of the 51% share of Petrobras in the Transportadora Brasileira Gasoduto Bolívia-Brasil (TBG). The process also depends on the conclusion of the ANP’s public call for the contracting of natural gas transportation capacity, related to the Bolivia-Brazil gas pipeline (Gasbol).

More than 100 invitations

According to BE Petróleo, Petrobras invited more than 100 companies and economic groups to participate in the downstream process of divestments. This week, the oil company started the non-binding offer phase of the first package, which includes refineries Alberto Pasqualini (Refap), in Rio Grande do Sul, President Getúlio Vargas (Repar), in Paraná, Landulpho Alves (Rlam), in Bahia , and Abreu e Lima (Rnest), in Pernambuco.

It is expected that the delivery of binding proposals will be scheduled for February and the first sales, completed only at the end of 2020. The process is coordinated by Citigroup Global Markets. Companies interested in participating that have not been invited will have until August 16 to formally notify their intention to enter the bidding.

Disinvestment in the refining area includes the entire infrastructure network of the surrounding area, including pipelines and terminals. The packages cover 50% of the national refining capacity, totaling 1.1 million barrels per day processing.

Source: BE Petroleo

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