Petrobras reached US$4.8 billion in asset sales in 2021

The active portfolio management developed by Petrobras in 2021 resulted in the company’s cash inflow of approximately US$4.8 billion by December 7th. These resources, which are essential for the company to be able to invest in assets that provide greater returns, are the result of the signing of the sale of 17 assets and the conclusion of 14 divestment processes throughout this year. Until the third quarter of 2021, Petrobras invested the amount of US$ 6.1 billion, significantly surpassing the amount obtained with divestments, even before accounting for the investments in the fourth quarter.

Among the main milestones of the year, the conclusion of the sale of the Landulpho Alves Refinery (RLAM), in Bahia, for US$ 1.8 billion (approximately R$ 10 billion), to the Mubadala fund, stands out. With the conclusion of the sale of RLAM, carried out on 11/30, Petrobras remains firm in the commitment signed with the Administrative Council for Economic Defense (Cade) for the sale of 50% of its refining capacity. Also in 2021, sales contracts were signed for the Isaac Sabbá Refinery (REMAN), in Amazonas, and the Shale Industrialization Unit (SIX), in Paraná. The processes to sign the contract for the sale of the Gabriel Passos Refinery (REGAP), in Minas Gerais, and of Lubrificantes e Derivados do Nordeste (LUBNOR), in Ceará, are ongoing.

Among the Exploration and Production assets, some of the moves in 2021 were the conclusion of the sale of onshore and shallow water fields, such as the Miranga and Rio Ventura hubs, in Bahia, and Rabo Branco and Do-Re-Mi, in Sergipe. It is also important to advance in the processes for divestment in the Albacora and Albacora Leste fields, which are in a binding phase, and in the Papa-Terra field, with a signed sale contract, both in Rio de Janeiro. Other relevant asset transactions closed in the year were the public offering of shares of BR Distribuidora, which resulted in US$ 2.2 billion, the signing of the sale of Gaspetro and the conclusion of the sale of the remaining 10% of NTS.

Portfolio management at Petrobras is based on the exit of assets that are less adhering to its strategic plan and the reallocation of resources to assets where the company’s focus is, such as the fields in deep and ultra-deep waters in the pre-salt. The proceeds from the sale of assets are essential for projects such as the exploratory development of new frontiers, in the case of areas in the so-called Equatorial Margin and in Sergipe Águas Profundas (SEAP), in the North and Northeast regions of the country, in addition to the exploration of the Santos basins and Campos, in the Southeast. Just as they are fundamental in advancing the implementation of the RefTOP program, which seeks to reposition Petrobras’ refining sector, placing it among the best refiners in the world in terms of efficiency, operational performance and high quality products.

“The results achieved in 2021 were very important and show that we continue to pursue an active portfolio management that allows the company to focus its investments on businesses in which it has the greatest expertise and can obtain the best return”, emphasizes the Executive Manager of Portfolio Management from Petrobras, Ana Paula Lopes do Vale Saraiva.

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