Petróleo Brasileiro S.A. – Petrobras, regarding the pieces of news published in the media, clarifies about the sale process of Landulpho Alves Refinery (RLAM) and its associated logistics assets.
In all asset sale processes, Petrobras establishes a value range that guides the transaction and considers the technical and productivity characteristics and the asset’s potential to generate value in different corporate planning scenarios. The corporate scenarios are used in both investment and divestment decisions and consist of projections of the main planning variables, reviewed and approved annually by the Board of Directors together with the Strategic Plan. On November 25, 2020, the most recent revision of the main planning assumptions for the five-year period 2021-2025 took place, among them: the annual projections for the price of Brent crude oil, the refining margins (international crack-spreads), and the exchange rate (Real/Dollar).
In addition, in the case of RLAM, Petrobras hired external opinions from specialized institutions that evaluated the assumptions used in the refinery’s valuations, and independent opinions from specialized financial institutions that attested to the fair value of the transaction.
The sale of RLAM complies with the Term of Commitment (TCC) signed with the Administrative Council for Economic Defense (CADE) and is aligned with Resolution 9/2019 of the National Energy Policy Council.
The sale process of RLAM follows the Petrobras Divestment Guidelines, validated by the Federal Audit Court (TCU), and which is based on Decree 9,188/17.
Petrobras reinforces its commitment to the broad transparency of its divestment projects and portfolio management. The transaction is scheduled to be submitted for deliberation at the ordinary meeting of the Board of Directors on March 24, 2021.
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