PETROBRAS EVALUES DELAY RISK OF THE ALMIRANTE BARROSO FPSO AND RELAUNCHING REFINERY DIVESTMENTS

(PetroNoticias) Vaccination against covid-19 is advancing around the world, but the effects of the pandemic still reverberate in some economic activities. In the case of Petrobras, for example, the company is evaluating possible effects of the pandemic on the works of the FPSO Almirante Barroso, which will be installed in the Buzios field.

“In relation to any delays, we have the effect of covid-19 affecting works. We are evaluating impacts on the work at Buzios 5 [Almirante Barroso], which is in China, at the COSCO shipyard. There were impacts especially in the engineering, construction and supply chain phases. These impacts are still being evaluated and we will have more details in the 2022-2026 strategic plan”, declared today the executive manager of subsea systems at Petrobras, André Cordeiro, during a conference call with investors.

Initially, Petrobras’ idea was to start operating the platform ship in 2022. Cordeiro also added that as for the other platforms under construction, the execution is on schedule.

The topic of refinery sales was also discussed during the conference call. The executive director of finance and investor relations, Rodrigo Araújo, stated that currently the most advanced process of divestment in refining is that of the Shale Industrialization Unit (SIX), in Paraná. In addition, the company is also at a more advanced stage in the sale of the Refinery Lubrificantes e Derivados do Nordeste (Lubnor). Araújo also added that the sale process of the Gabriel Passos Refinery (Regap) should soon enter the binding offers phase.

The director was asked about Petrobras’ next steps in relation to the divestments of refineries that did not advance – Repar, Refap and Rnest. “Regarding the processes that were not successful, we have different situations. In the case of Repar, the question of price was the great key variable. There was a discussion of value far beyond the minimum that we understand as reasonable. In the case of Rnest, we did not have a binding offer and at Refap we did not reach a good conclusion in the discussion of conditions”, detailed Araújo. The executive concluded by saying that Petrobras is interested in resuming these processes and discusses the issue with the Economic Administrative Council (CADE).

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