Brazilian state-owned oil company Petróleo Brasileiro (Petrobras) has commenced a binding phase for the sale of downstream assets, including corresponding logistics assets.

The sale includes Isaac Sabbá Refinery (REMAN) in Amazonas, Lubrificantes e Derivados de Petróleo do Nordeste (LUBNOR) in Ceará, and the Shale Industrialization Unit (SIX) in Paraná.

Petrobras, in a statement, said: “Potential buyers qualified for this phase will receive a process letter with detailed instructions on the divestment process, including guidelines for due diligence and submission of binding proposals.”

Located in Manaus, state of Amazonas, the REMAN refinery has a processing capacity of 46 thousand barrels/day and its assets include a storage terminal.

Located in Fortaleza, Ceará, LUBNOR has a processing capacity of 8 thousand barrels/day while SIX refinery has a capacity of six thousand barrels/day and its assets include a mine and a shale processing plant.

Separately, Petrobras has commenced the opportunity disclosure stage (teaser) for the divestment of its equity stakes in the companies Eólica Mangue Seco 1 and Eólica Mangue Seco 2, which own wind power generation plants.

Petrobras and Alubar Energia own 49% and 51% interest respectively in Mangue Seco 1. Mangue Seco 2 is owned by Petrobras with 51% stake and Eletrobras with 49% interest.

Eólicas Mangue Seco 1 and 2 are part of a complex of four wind farms with a combined generation capacity of 104MW.

Petrobras seeks to optimise its portfolio

The sale of the assets forms part of the Brazilian company’s portfolio optimisation plan and upgrade capital allocation.

In December 2019, Petrobras said it completed the sale of 34 onshore oilfields in the state of Rio Grande do Norte, Brazil, to Petrorecôncavo subsidiary Potiguar E&P.

Located in the Potiguar basin, the 34 onshore oilfields produced an average of 5.8 thousand barrels per day (bpd) in 2019.

The deal was concluded after satisfying all precedent conditions and adjustments laid down in the contract. The transaction was completed with the payment of $266m to Petrobras.