Petrobras sells Reman refinery to Ream Participações

Petrobras sells Reman refinery to Ream Participações

27 Aug 2021

Petrobras, Brazil's state-owned oil company, has agreed to sell the Isaac Sabbá Refinery (Reman) and related assets to Ream Participações for US$189m. With a current output of 46,000 barrels per day, Reman is located on the left bank of the Negro River in Manaus, Amazonas.

Ream Participações is a subsidiary of Atem Distribuidora de Petróleo (Atem), engaged in wholesale and distribution of oil and gas products.

The transaction value includes an advance payment of US$28.4m as a security deposit, and the remaining US$161.1m will be paid when the transaction is completed, subject to adjustments.

The sale is subject to compliance with precedent conditions, including approval by the Administrative Council for Economic Defense (CADE).

Petrobras stated that the agreement is in accordance with its strategic plan, aligned with optimisation of the portfolio, and the improvement of its capital allocation.

For more information, please visit EICDataStream.

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