Petrobras in final stages of analyzing Mataripe refinery acquisition

Brazil’s Petrobras intends to conclude an analysis of its decision on whether to retake control of the Mataripe oil refinery in Bahia state by the end of June, the state-run firm’s investor relations director Sérgio Caetano Leite, told a press conference. 

Formerly known as Landulpho Alves (RLAM), the plant was sold to Mubadala in 2021 for US$1.8bn. It is currently operated by the Abu Dhabi sovereign wealth fund’s subsidiary Acelen.

Leite highlighted that, in addition to the refinery, the asset comprises a whole set of logistics infrastructure that provides synergies with the rest of Petrobras’ system. 

“The due diligence process is advanced, and the business model will be decided and put together based on the results of this analysis. The aim is to finalize the analysis process and have a clear vision of the business model by the end of this semester,” the executive said.

BRASKEM

Sérgio Leite also told reporters that the entry of large international players into the ownership of petrochemical company Braskem would foster the international expansion of its downstream activities. 

Petrobras is studying the future of its 36.1% stake in Braskem, Brazil’s largest petrochemical producer. 

In November 2023, Braskem received a non-binding offer of 10.5bn reais (US$2bn) from Abu Dhabi National Oil Company (Adnoc) for Novonor's (formerly Odebrecht) 38.3% controlling stake in the firm. 

Petrobras has a priority option to buy Novonor’s interest, keeping or reselling it afterwards, as it may also decide to sell its current stake in Braskem.  

Leite recalled that the petrochemical group has plants in the US, Europe and Mexico, and that it could also generate business opportunities for the federal oil giant in Asia.