Petrobras on refinery sales

Petróleo Brasileiro S.A. – Petrobras, following up on the press release disclosed on July 9, 2020, informs that it has concluded the negotiation phase with the Mubadala Group as part of the process for divesting the Landulpho Alves Refinery (RLAM), in Bahia.

As provided by Petrobras’ Divestment Methodology, the process is currently undergoing a new round of binding proposals. In this new round, Petrobras asked all participants which submitted binding proposals, including the Mubadala Group, to submit their final offers based on the negotiated versions of the contracts with Mubadala. Petrobras expects to receive these offers in January 2021.

Regarding the Lubrificantes e Derivados do Nordeste refinery (LUBNOR) and the Unidade de Industrialização do Xisto (SIX), the company informs that it has also received proposals for the two assets.

Additionally, Petrobras expects to receive binding proposals for the refineries Presidente Getúlio Vargas (REPAR), in Paraná, and Alberto Pasqualini (REFAP), in Rio Grande do Sul, on December 10. The receipt of binding proposals for the refineries Abreu e Lima (RNEST), in Pernambuco, and Gabriel Passos (REGAP), in Minas Gerais, is expected to occur in the first quarter of 2021.

Petrobras reinforces its commitment to the broad transparency of its divestment projects and portfolio management and clarifies that, despite this announcement, there is no provision in the Divestment Methodology for the disclosure of this stage and that the subsequent stages will be disclosed to the market in a timely manner in accordance with the company’s Divestment Methodology.