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Petrobras extends deadline for sales contract for its refineries

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This is the second time Petrobras extended the deadline due to Covid-19 related complications

Brazil-based oil and gas company Petrobras has extended the deadline to sign sales contracts for its refineries, media reports said. This is the second time Petrobras has extended the deadline mainly due to delays caused to site visits by the ongoing coronavirus pandemic.

In a statement, Petrobras said, “The sales process for these assets is subject to the evaluation of internal governance bodies of Petrobras. Such operations are outlined in the terms signed with the Justice Ministry’s Antitrust Division, or CADE, in June 2019.”

Petrobras now has until the end of the month to sign contracts to sell the Refinaria Isaac Sabba in Amazonas state. In March, CADE had extended the deadline until July 31.

Last month, Petrobras launched a tender to acquire engineering, procurement, construction and installation (EPCI) services for its Búzios 8 project. The tenders must be submitted by October 14 and the contract duration is for a period of five years.

Petrobras also finalised the sale of its Polo Rio Ventura onshore oil assets to a subsidiary of 3R Petroleum Oleo e Gas SA, the companies said in separate securities filings.

In June, it was reported that Petrobras is planning to sell its 27.88 percent stake in the Deten Quimica SA petrochemical complex. The firm has already begun the sale process for the petrochemical complex, which is located in the northeastern state of Bahia.

Petrobras also revealed that it is offering to buy up to $2.5 billion in global notes maturing between 2025 and 2050. The company said in a statement that it will issue new global notes maturing in 2051. However, the company did not elaborate further in this regard.

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