{"id":294296,"date":"2021-06-10T18:41:21","date_gmt":"2021-06-10T21:41:21","guid":{"rendered":"https:\/\/anba.com.br\/?p=294296"},"modified":"2021-06-14T10:33:54","modified_gmt":"2021-06-14T13:33:54","slug":"sale-of-brazilian-refinery-to-uae-fund-approved","status":"publish","type":"post","link":"https:\/\/anba.com.br\/en\/sale-of-brazilian-refinery-to-uae-fund-approved\/","title":{"rendered":"Sale of Brazilian refinery to UAE fund approved"},"content":{"rendered":"

S\u00e3o Paulo \u2013 The General Superintendence of the Brazilian Administrative Council for Economic Defense (CADE) approved the Landulpho Alves Refinery (RLAM) sale transaction to Mubadala Capital, an investment fund of the United Arab Emirates. The information was released in the Brazilian Official Federal Gazette<\/a> this Wednesday (9).<\/p>\n

The refinery belongs to the Brazilian oil company Petrobras<\/a>, which confirmed the continuity of the sale process. In a statement, the state-owned company reported that the transaction is still subject to the 15-day period imposed by Law 12,529\/11 and the fulfillment of other preliminary conditions provided for in the share purchase and sale agreement. Petrobras\u2019 text also emphasizes the \u201ccommitment to full transparency\u201d in privatization projects.<\/p>\n

The refinery is located in S\u00e3o Francisco do Conde, in the state of Bahia, in the Brazilian Northeast. The unit was the first national oil refinery. The sale also included logistical assets associated with the venture and was approved by Petrobras\u2019 Board of Directors in March this year.<\/p>\n

The transaction value was USD 1.65 billion. The sales contract was signed between Petrobras and MC Brazil Downstream Participa\u00e7\u00f5es, a company of the Mubadala Capital<\/a> group. The document provides for adjustments to the sale value in case of variations in working capital, net debt, and investments until the transaction\u2019s closing.<\/p>\n

RLAM has a daily processing capacity of 333,000 barrels, corresponding to 14% of Brazil\u2019s total oil refining capacity. Its assets include four storage terminals and pipelines that connect the refinery and terminals, totaling 669 km in length.<\/p>\n

Mubadala Capital has been in business in Brazil since 2011. The firm is the asset management branch of Mubadala Investment Company PJSC, operating six integrated companies, including private and public equity, venture capital and credit, a Brazil-focused investment platform, and some sovereign investment partnerships. The company\u2019s team is headquartered in Rio de Janeiro and backed by Mubadala Capital\u2019s offices in New York and Abu Dhabi.<\/p>\n

Petrobras also informed that until the closing of the transaction, it will normally maintain the operation of the refinery and all associated assets. After the conclusion, the state-owned company will continue to support Mubadala Capital in RLAM\u2019s operations during a transition period. This will happen under a service provision agreement, avoiding any operational interruption.<\/p>\n

Translated by El\u00fasio Brasileiro<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

The Brazilian Administrative Council for Economic Defense approved the sale of Petrobras\u2019 Landulpho Alves Refinery to the UAE investment fund Mubadala Capital.<\/p>\n","protected":false},"author":2316,"featured_media":294293,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[114],"tags":[21476,9534,13608,23864,9687,38942,17586,21477,21478,10156,13548,21479,9579],"class_list":{"0":"post-294296","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-news","8":"tag-arab-fund","9":"tag-brazil-en","10":"tag-cade-en","11":"tag-emirados-en-2","12":"tag-emirates-en-2","13":"tag-fundo-de-investimento-en","14":"tag-investment-fund","15":"tag-landulpho-alves-refinery","16":"tag-mubadala-capital-en","17":"tag-petrobras-en","18":"tag-petrobras-ar","19":"tag-rlam-en","20":"tag-uae-en"},"wps_subtitle":"The Brazilian Administrative Council for Economic Defense approved the sale of Petrobras\u2019 Landulpho Alves Refinery to the UAE investment fund Mubadala Capital.","_links":{"self":[{"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/posts\/294296","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/users\/2316"}],"replies":[{"embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/comments?post=294296"}],"version-history":[{"count":0,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/posts\/294296\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/media\/294293"}],"wp:attachment":[{"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/media?parent=294296"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/categories?post=294296"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/tags?post=294296"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}