Suspension of the sale of Petrobras assets could affect contracts worth US$ 2 billion

(epbr) The temporary suspension of the sale of Petrobras assets, requested by the government, involves a list of deals in progress and about US$ 2 billion in contracts already signed and which are still waiting for an outcome.

The president of Petrobras, Jean Paul Prates, said last week that he sees the request as an opportunity for the company to “review some concepts”.

The oil company, for example, has already suspended the sale of Petrobras Biocombustível (PBIO) and is even changing the command of the subsidiary, according to Bloomberg.

PBIO is a simpler case, since Petrobras had not yet closed any formal agreement for the sale of the subsidiary. Buyers fear, however, that the oil company will withdraw from deals already formalized.

Petrobras has, today, five contracts signed, awaiting completion of the deal, for the sale of assets:

Lubnor refinery, in Ceará, to Grepar Participações, for US$ 34 million;

Polo Potiguar (onshore fields in Rio Grande do Norte), to 3R Petroleum, for US$ 1.38 billion;

Norte Capixaba (onshore mature fields in Espírito Santo, to Seacrest, for US$ 544 million;

Golfinho and Camarupim fields, in the post-salt of the Espírito Santo Basin, to BW Energy, for US$ 75 million;

Pescada, Arabaiana and Dentão fields, in shallow waters of the Potiguar Basin, to Ouro Preto Oil and Gas (today 3R), for US$ 1.5 million.

In addition to these assets, Petrobras has other businesses in progress, at different stages of maturity.

The list includes, among divestments in the binding phase:

Assets in Colombia, such as the Pecoco fuel distributor and the Tayrona exploration block;

Potassium mining rights in the Amazon;

34.54% stake in Metanol do Nordeste (Metanor), in Camaçari (BA);

Petrobras Biocombustível (PBIO);

Transportadora Brasileira Gas Pipeline Bolivia-Brazil (TBG);

Transportadora Sulbrasileira de Gás (TSB);

Minority stakes in oil thermoelectric plants, such as Suape II and Brasympe;

Oil and gas fields in the Gulf of Mexico;

Mature fields in Bahia, such as Bahia Terra cluster, under negotiation with the PetroReconcavo/Eneva consortium;

Fields in shallow and deep waters in Bahia, Ceará and Rio de Janeiro;

Tartaruga field, in shallow waters in the Sergipe-Alagoas Basin;

Uruguá and Tambaú fields, in deep waters in the Campos Basin;

In addition, there are a number of less advanced businesses, in a non-binding phase:

18.8% at UEGA, which owns the Araucária gas thermoelectric plant, in Paraná;

Abreu e Lima Refinery (RNEST), in Pernambuco;

Presidente Getúlio Vargas Refinery (Repar), in Paraná;

Alberto Pasqualini Refinery (Refap), in Rio Grande do Sul;

Onshore fiber optic network;

Petrobras Operaciones (POSA), owner of 33.6% of the Rio Neuquén field, in Argentina.

There are also cases of businesses that were interrupted in the past management and not resumed, such as the sale of Ucuru cluster (AM), in Amazonas.

Prates says the company will review some concepts

Two weeks ago, the Ministry of Mines and Energy asked Petrobras to suspend operations for 90 days – including new processes and eventually those ongoing and not concluded, provided that the interruption “does not jeopardize the insurmountable interests” of the company .

Minister Alexandre Silveira justified the request by mentioning the ongoing reassessment of the National Energy Policy and the reformulation of the National Energy Policy Council (CNPE).

The new president of Petrobras, Jean Paul Prates, stated last week that it is not a question of annulling or canceling contracts, but that the MME’s request gives the company the opportunity to review some concepts.

Questioned by journalists, on March 2, if the company intends to withdraw from the sale of specific assets, Prates said that the “network fell on top of everyone”, but that “what has already been sold, no one will review”.

“We’re going to take the opportunity to call potential buyers, talk to them about the offer that was made to them, which eventually could have been otherwise, and then we’ll see. Some cases may evolve, others may be modified, others may not happen at this time and happen at another time, ”he added.

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