Petrobras Eyes Another Strategic Refinery Repurchase Amid Centralization Tendencies

Petrobras is considering repurchasing the Amazon Refinery from Atem for $257.2 million, sold in late 2022 under Bolsonaro.

The current administration, together with the Single Federation of Oil Workers (Fup), is also pushing to repurchase the Mataripe Refinery in Bahia.

Their goal is to stabilize operations and regulate prices in Brazil’s northern region. As of now, Petrobras has not issued any comments on these repurchase plans.

The potential buybacks reflect President Luiz Inácio Lula da Silva’s broader goal to centralize Brazil’s fuel industry management.

After its acquisition, Atem raised liquefied petroleum gas prices. A maintenance shutdown in May led Atem to start importing fuel, increasing costs further.

Currently, the refinery primarily manages logistics for these imports, with no significant new maintenance hires noted.

Marcus Ribeiro from Sindipetro-AM has expressed concerns regarding the recent layoffs of about 40 workers and the general lack of maintenance.

He has called on Petrobras to assess Atem’s commitment to the refinery, which has a daily processing capacity of 46,000 barrels and is vital for northern Brazil.

Atem claims to be conducting extensive maintenance to prepare for a severe dry season, aiming to ensure uninterrupted supply.

Discussions are ongoing between Petrobras and Acelen, a Mubadala company, about the possible $1.65 billion repurchase of the Mataripe Refinery.

Petrobras Eyes Another Strategic Refinery Repurchase Amid Centralization Tendencies

This move aligns with federal strategies and Acelen’s interest in pivoting to renewable energy partnerships with Petrobras.

Under Lula, Petrobras is reversing past decentralization policies, including canceling the $34 million Lubnor sale due to unmet conditions.

Cade recently let Petrobras keep five refineries previously set for sale since 2019.

Sindipetro-AM sues the Amazon Refinery and ANP for unreported fuel production, indicating ongoing issues.

This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error

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