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Suspensions take place because of the injunction of Minister Ricardo Lewandowski of the Federal Supreme Court
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Petrobras announced Tuesday the suspension of competitive procedures for the sale of 60% of its stake in refining and logistics badets in the Northeast and South. Reuters
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Jul 3, 2018, 12:42
(19459015) Petrobras announced Tuesday the suspension of competitive processes for the sale of 60% of its stake in refining badets ( Paulo Witaker / Reuters)
São Paulo / Rio de Janeiro – and logistics in the north-east and south of the country, in addition to divestments in Araucária Nitrogenados and the gas-related company (TAG).
The suspensions arise because of the injunction of Minister Ricardo Lewandowski of the Federal Supreme Court (STF) by which the sale of shares of public companies depends on the legislative authorization.
The state oil company stated, in the relevant facts, that "it evaluates measures that are in line with its interests"
However, it did not say whether the decision could threaten its goal of raising $ 21 billion during the 2017-2018 fiscal year from the sale of badets and the attraction of partnerships, "competitive processes" for partnerships refineries were announced in April and include two refineries (Abreu e Lima and Landulpho Alves) and five refineries terminals in the northeast, where processing capacity is 430,000 barrels per day, while in the south there are there would be two refineries (Alberto Pasqualini and Presidente Getulio Vargas) and five terminals, with a processing capacity of 416,000 b / d
Initially, the process of attracting partnerships would be through the creation of subsidiaries and the sale of their shares, explained the fuel company.
Last week, Reuters reported with the source that the company would delay the refining process because of Minister Lewandowski's decision.
A Petrobras source told Reuters on Tuesday that the company had no choice. According to this person, in a scenario where the injunction would be revoked, the sales process would be resumed "with certainty".
"We were forced to suspend the proceedings because of the injunction of Minister Lewandowisk. I had nothing to do, "said the source, under the guise of anonymity." We had to stop, badyze, consult the legal department and understand how the injunction reached the sales process. "
In a statement to the market on June 18, Petrobras reported that five companies had signed confidentiality agreements in the sales process.But generally, the signing of these documents only allows for wider access to Detailed information on badets to sell and does not necessarily mean interest.
"They were interested and we did not suspend for lack of business interest. The Brazilian group Ultrapar, Cosan and Cepsa, an energy company controlled by the sovereign wealth fund Mubadala Development, were among the five companies that signed the agreement.
The company reiterated that these processes are part of the strategic repositioning of Petrobras in the refining, transportation and logistics segment, in accordance with the Business Plan 2018-2022, which provides for the establishment of partnerships and divestitures as one of the leading initiatives for risk mitigation, value-added, among other gains.
Gas Pipelines and Fertilizers
Regarding TAG, in which Petrobras wants to give up its 90 percent share, the company recalled that the process had already been suspended by decision of the 4th Panel of the Regional Federal Tribunal of the 5th Region. In the case of Araucária Nitrogenados, the suspension comes several months after Petrobras announced the start of negotiations with the company Acron, with a 90-day exclusivity, referring to the (db) = d.getElementById (id) ) {var js = d.createElement ("script"), ref = d [getElementsByTagName(“script”)[0]; js.id = id, js.async = true, js.src = "https: / / connect.facebook.net / en_BR /all.js", ref .parentNode.insertBefore (js, ref)}} ) (document)
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