Petrobras suspends its sales in refining and pipelines after the decision of the Minister of the STF

By José Roberto Gomes and Marta Nogueira

SÃO PAULO / RIO DE JANEIRO (Reuters) – Petrobras announced Tuesday the suspension of competitive processes for the sale of 60% of its stake in refining and (19659003) Suspensions take place because of the injunction of Minister Ricardo Lewandowski, of the Federal Supreme Court (STF), of

The state oil company has stated in the relevant facts that it "badesses measures that are appropriate for its interests and its investors "and that it will keep the market informed

] However, it has not said whether the decision could threaten its goal of raising $ 21 billion during 2017-2018 fiscal year from the sale of badets and attraction of partnerships, to reduce the "competitive process" for refining partnerships were announced in April and include two refineries (Abreu e Lima and Landul pho Alves) and five terminals in the northeast.

where processing capacity is 430,000 barrels per day (bpd), while in the South there would be two refineries (Alberto Pasqualini and Presidente Getulio Vargas) and five terminals, with a processing capacity of 416,000 bpd

The oil company explained last week that Reuters reported last week that the company would delay sales times in the refinery area due to the creation of subsidiaries and divestiture of his actions. at the decision of Minister Lewandowski

A Petrobras source told Reuters on Tuesday that the company had no choice. According to this person, in a scenario where the injunction was rescinded, the sales process would be resumed "with certainty".

"We were forced to stay the proceedings because of the (Minister) Lewandowisk's injunction. what to do, "said the source, under cover of anonymity." We had to stop, badyze, consult the legal and understand how the injunction reaches the sales process. "

In a statement to the market on June 18, Petrobras reported that five companies had signed confidentiality agreements in the middle of the sales process.But generally, the signing of these documents only allows increased access to detailed information on badets to sell and does not necessarily mean an interest. "

" There were interested parties and we did not suspend them.

The Brazilian group Ultrapar, Cosan and Cepsa, an energy company controlled by the Sovereign Fund Mubadala Development, were among the five companies that have signed confidentiality agreements, according to Reuters.

The company reiterated that these processes fit into the "strategic repositioning" Petrobras in the refining, transportation and logistics segment ", in accordance with the Business Plan 2018-2022, which provides for the establishment of partnerships and divestments as one of the main initiatives for the company. risk mitigation, value-added, among other benefits.

GASODUTOS E FERTILI ZANTES

With regard to the TAG, in which Petrobras wants to divest its 90 per cent stake, the company recalled that the proceedings had already been suspended by decision of the 4th Panel of the Federal Regional Court of the 5th Region. In the case of Araucária Nitrogenados, the suspension takes place a few months after Petrobras announced the start of negotiations with the company Acron, with a 90-day exclusivity, referring to the (Report Stéfani Inouye in São Paulo and Rodrigo Viga Gaier in Rio de Janeiro)