Petrobras extends deadline for completion of sale of Lubnor

Negotiations for the refinery installed in Ceará should be concluded by July 31 of this year

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Venta de Lubnor
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Sale of Lubnor

Sale of Lubnor – Petrobras approved the signing of additives to the terms of the commitment to extend the deadline for the sale of Lubrificantes e Derivados de Petróleo do Nordeste (LUBNOR), on Tuesday (11), and seven other assets.
The negotiations for the refinery installed in Ceará were expected to end in the first half of 2021. With the extension of the term, the sale can be concluded until July 31 of this year.

The sale of the refinery was announced in September 2019 as part of Petrobras’ divestment plan. Privatization should not lead to dismissals from the current staff.

Divestment plan

Petrobras has a divestment plan that includes the sale of eight refineries by 2025, with the expectation of obtaining important resources this year.

In addition to Lubnor, seven other refineries are included in the plan: Refinery Isaac Sabbá (REMAN); Alberto Pasqualini Refinery (REFAP); Shale Industrialization Unit (SIX); Gabriel Passos refinery (REGAP); Abreu e Lima Refinery (RNEST); Presidente Getúlio Vargas refinery (REPAR) and Petrobras Gás S.A. (Gaspetro).

According to the state oil company, the process of selling these assets is subject to the assessment of Petrobras’ internal governance bodies.

See the new deadlines approved:

Isaac Sabbá Refinery (REMAN), Lubricants and Oil Derivatives of the Northeast (LUBNOR) and Alberto Pasqualini Refinery (REFAP) – 07/31/2021;
Shale Industrialization Unit (SIX), Gabriel Passos Refinery (REGAP) and Abreu e Lima Refinery (RNEST) – 10/30/2021;
Presidente Getúlio Vargas Refinery (REPAR) – 12/31/2021
Petrobras Gás S.A. (Gaspetro) – 06/30/2021.

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