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MarketScreener Homepage  >  Equities  >  Bolsa de valores de Sao Paulo  >  Petróleo Brasileiro S.A. - Petrobras    PETR4   BRPETRACNPR6

PETRÓLEO BRASILEIRO S.A. - PETROBRAS

(PETR4)
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Exclusive: Petrobras to receive offers for Bahia refinery on Thursday, sources say

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06/24/2020 | 01:44pm EDT
FILE PHOTO: A logo of Brazil's state-run Petrobras oil company is seen at their headquarters in Rio de Janeiro

By Tatiana Bautzer, Carolina Mandl, Gram Slattery and Sabrina Valle

Brazil's Petroleo Brasileiro SA is set to receive binding offers for the country's second-largest refinery on Thursday, five people with knowledge of the matter said, as the state oil company aims to restart a plan to divest more than $10 billion in assets.

If the deal for the Landulpho Alves refinery, also known as RLAM, is concluded, it would mark a first in the producer's decade-long efforts to end its near-monopoly in refining in Brazil and open one of the top ten fuel markets in the world for private investors.

Potential bidders for the refinery in the northeastern state of Bahia include UAE investor Mubadala Investment Co PJSC [MUDEV.UL] and top Chinese state refiner Sinopec, the people said.

Indian conglomerate Essar Group, which has exploration operations in its home country and refining and fuel distribution assets in Britain, may also bid for RLAM, two sources said. Essar was initially interested in one of the smaller refineries expected to be sold later this year, according to the sources, that asked for anonymity to disclose private talks.

Petrobras, Mubadala and Essar declined to comment by email. Sinopec did not immediately respond to a request for comment.

Petrobras, as the producer is known, plans to sell half of its refining capacity, or eight plants, starting with RLAM, Brazil's first fuel unit ever. Although Petrobras' monopoly was ended by law two decades ago, the company has retained control of more than 98% of Brazil's fuel production.

The unit has processing capacity of 323,000 barrels per day, or about 14% of Brazil's total, and will be sold together with pipelines and terminals. The northeastern Brazilian plant, which dates from 1950, requires renovations, according to one of the sources.

As social isolation measures have been progressively eased in Brazil's largest cities, refineries are back to operating close to their regular capacities.

Bidders had asked Petrobras for more time earlier this year, as financing became difficult and restrictions on visits due to the COVID-19 pandemic affected due-diligence work, Reuters reported.

Two other refineries in Brazil's southern region, REFAP in Rio Grande do Sul state and REPAR in Parana state, will have deadlines for binding offers in the third quarter, which could be as soon as July, two sources added.

Some potential buyers for all three refineries have completed due diligence, two sources said, as financing for acquisitions slowly returns after a dropoff as markets cratered in the initial months of the COVID-19 pandemic.

The pandemic has squeezed the value of refineries, as drivers stayed home, reducing fuel consumption, and oil prices fell. Still, no potential bidders from an initial round of non-binding offers have so far dropped out, one of the sources said.

(Reporting by Tatiana Bautzer and Carolina Mandl in Sao Paulo and Gram Slattery and Sabrina Valle in Rio de Janeiro; Editing by Matthew Lewis)

Stocks mentioned in the article
ChangeLast1st jan.
EURO / BRAZILIAN REAL (EUR/BRL) -0.23% 6.1238 Delayed Quote.35.95%
EURO / DIRHAM (EUR/AED) 0.01% 4.19 Delayed Quote.1.74%
LONDON BRENT OIL -0.44% 43.46 Delayed Quote.-34.76%
PETRÓLEO BRASILEIRO S.A. - PETROBRAS 1.92% 23.34 End-of-day quote.-22.66%
US DOLLAR / DIRHAM (USD/AED) 0.02% 3.6728 Delayed Quote.0.00%
WTI -0.66% 40.725 Delayed Quote.-34.03%
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Financials
Sales 2020 284 B 52 923 M 52 923 M
Net income 2020 -42 200 M -7 860 M -7 860 M
Net Debt 2020 367 B 68 325 M 68 325 M
P/E ratio 2020 -7,39x
Yield 2020 1,91%
Capitalization 311 B 58 071 M 57 901 M
EV / Sales 2019
EV / Sales 2020 2,39x
Nbr of Employees 57 983
Free-Float 64,2%
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Technical analysis trends PETRÓLEO BRASILEIRO S.A. -
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TrendsBullishNeutralNeutral
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Mean consensus BUY
Number of Analysts 12
Average target price 29,88 BRL
Last Close Price 23,34 BRL
Spread / Highest target 58,5%
Spread / Average Target 28,0%
Spread / Lowest Target 0,69%
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Managers
NameTitle
Roberto da Cunha Castello Branco President, Chief Executive Officer & Director
Eduardo Bacellar Leal Ferreira Chairman
Andrea Marques De Almeida Chief Financial & Investor Relations Officer
Marcelo da Silva Carreras Head-IT & Telecommunications
Marcia Tosta Head-Cyber & Information Security
Sector and Competitors
1st jan.Capitalization (M$)
PETRÓLEO BRASILEIRO S.A. - PETROBRAS-22.66%58 071
SAUDI ARABIAN OIL COMPANY-5.11%1 782 622
ROYAL DUTCH SHELL PLC-43.25%127 812
PETROCHINA COMPANY LIMITED-30.95%111 374
TOTAL S.A.-30.22%101 381
GAZPROM-29.09%60 598