The Brazilian Administrative Council for Economic Defense approved the sale of Petrobras’ Landulpho Alves Refinery to the UAE investment fund Mubadala Capital.
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Brazilian oil company performed well, driven by higher oil prices and lower operating expenses. Gross debt decreased and asset sales generated USD 210 million.
Montezano talked in a webinar hosted by the ABCC in partnership with Brazilian development bank BNDES. The event brought together Arab businesspeople and officials.
Despite low oil prices, Brazil’s state-run company managed to recover from nine months of deficit.
Company PPSA, with ties to the Brazilian government, opened a public consultation on the tender to hire a foreign agent to sell the oil from pre-salt.
The Brazilian company saw smaller losses in Q3 2020, despite the time of uncertainty that affects the oil industry. The company’s CEO described the performance as excellent.
Brazilian imports of oil from the Arab countries fell by 15% in H1. According to EPE, the sector saw a lower demand for fuels and products related to mobility, which have been reduced to curb the spread of the coronavirus.
The oil company has announced that it’ll resume the sale of its stake in Gaspetro, a company that operates in natural gas trade, storage and distribution.
OPEC members, Russia and other producers agreed on a 10% cut in the world oil supply to refrain the price decline. In a meeting between G20 energy ministers, Bento Albuquerque explained Petrobras’ output cut.
Companies such as Marfrig, Ambev, Unilever, Vale and Petrobras have announced donations of products, hand sanitizers, and money to help buy tests to detect the new coronavirus.
The state-run oil company signed a contract transferring ownership of areas in Bahia, Brazil to Eagle.
The Brazilian state-run oil company is divesting itself of its entire stake in Petrobras Colombia Combustibles, which distributes and sells fuel and lubricants.
Company shipped 238,000 barrels of fuel oils a day in February.
Brazil’s BNDES will let go of its stake in the oil company as part of a divestments program designed to reallocate resources to more socially impactful projects.
