Petrobras completes sale of the Landulpho Alves Refinery, in Bahia

Refinery is the first to have completed the sales process

Published in 30/11/2021 - 19:52 By Douglas Corrêa - Repórter da Agência Brasil - Rio de Janeiro

Petrobras finalized today (30) the sale of the Landulpho Alves Refinery (RLAM), in São Francisco do Conde, Bahia, and its associated logistical assets to Mubadala Capital.

The transaction was concluded with the payment of US$ 1.8 billion (R$ 10.1 billion) to Petrobras, an amount that reflects the purchase price of US$ 1.65 billion, preliminarily adjusted due to monetary correction and variations in working capital, net debt and investments until the closing of the transaction.

The contract also provides for a final adjustment to the purchase price, which is expected to be determined in the coming months. The refinery is the first among eight being sold by Petrobras to have the process completed. Acelen, the company created by Mubadala Capital for the operation, will take over from tomorrow, December 1st, the management of RLAM, which will be renamed Mataripe Refinery.

The president of Petrobras, Joaquim Silva e Luna, said that the conclusion of the sale reflects the importance of portfolio management and strengthens the company's strategy.

“This sales operation is an important milestone for Petrobras and the fuel sector in the country. We believe that, with new companies operating in refining, the market will be more competitive and we will have more investments, which tends to strengthen the economy and generate benefits for society. It is also part of the commitment signed by Petrobras with Cade to open up the refining market. From the company's point of view, it is a step forward in its resource reallocation strategy. In the refining segment, Petrobras will focus on five refineries in the Southeast, with investment plans that will position it among the best refiners in the world in terms of efficiency and operational performance.”

According to the president of Mubadala Capital in Brazil, Oscar Fahlgren, “the priority is to guarantee excellence in the production and operation of the refinery, in addition to a structured, serene and seamless transition. It is about creating value with special attention to people and the environment. We always emphasize the long-term commitment we have with the country and regions where we operate.”


In addition to the Landulpho Alves Refinery, two other refineries have already had their sales contracts signed: the Isaac Sabbá Refinery (Reman), in Amazonas, which was signed on August 25 this year, and the Shale Industrialization Unit (SIX), in the Paraná, with a contract signed on November 11th. When the processes of divestment of these two units are also concluded, Petrobras will be responsible for around 50% of the supply to the fuel market in the country. In addition to Petrobras and the new operators of these refineries, the market is also supplied by biofuel importers and producers.

Next steps

With the completion of the sale, a transition phase begins in which Petrobras teams will support Acelen in the operations of the Mataripe Refinery. This will happen under a service provision agreement, avoiding any operational interruption. Petrobras and Mubadala Capital reaffirm their strict commitment to operational safety at the refinery in all phases of the operation.

The state-owned company informed that no Petrobras employee will be fired due to the transfer of control of RLAM to the new owner. Petrobras employees may choose to transfer to other areas of the company or join the Voluntary Termination Program, with a benefits package.

Text translated using artificial intelligence.

Edition: Maria Claudia

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