Brazil’s state-owned Petrobras has kickstarted the non-binding phase in its bid to sell three of its refineries and associated logistical assets.
Petrobras announced on Monday that it began notifying potential buyers that they have been approved to participate and submit non-binding proposals in the sale process for the assets including three refineries: Refinaria Abreu e Lima (RNEST); Refinaria Presidente Getulio Vargas (REPAR); and Refinaria Alberto Pasqualini (REFAP).
Petrobras did not reveal a definitive timeframe for the non-binding phases for the proposed sales.
“Potential buyers eligible for this phase, beginning today [Monday], will receive a descriptive memo containing more detailed information about the assets in question, as well as instructions on the disinvestment process, including guidelines for drafting and submitting non-binding tenders,” the notice said.
RNEST is located in Ipojuca, state of Pernambuco, in the Suape Port Industrial Complex, 45 km away from Recife. Its total capacity is listed as 260,000 barrels per day (bpd) with a start-up of a second 130,000-bpd processing train and includes a terminal with crude and product storage capacities of 4.706 million barrels and 5.496 million barrels respectively, as well a 101-km set of short pipelines.
Located in the municipality of Araucaria, Paraná, REPAR is responsible for approximately 12% of the national production of petroleum products. It includes five terminals equipped to store 3.472 million barrels of crude and 6.034 million barrels of finished products. Logistics infrastructure assets involved in the sale also will include a 476-km pipeline network.
Located in Canoas, Rio Grande do Sul, in southern Brazil, REFAP caters mainly to the local markets of Rio Grande do Sul, Santa Catarina, and Paraná and includes two terminals with crude and product storage capacities of 3.652 million barrels and 5.820 million barrels respectively, as well as a set of pipelines totaling 260 km.
Over the last few months, Petrobras has sold all its shares from a large chunk of its onshore and shallow water assets. The company is shifting resource focus on assets in deep and ultra-deep waters.