Brazil Petrobras mulls E&P, refinery assets in divestment plan

16 February 2012 18:57  [Source: ICIS news]

HOUSTON (ICIS)--Brazil-based Petrobras is considering a $13.6bn (€10.5bn) divestment programme for 2011-2015 that could include exploration and production (E&P) and refining assets, the company said on Thursday.

The E&P assets would be both domestic and international, while the refining assets would be outside of Brazil, Petrobras said.

Petrobras did not specify which refining assets it is considering.

However, it owns the Nansei Sekiyu Kabushiki Kaisha (NSS) refinery in Japan, which has a processing capacity of 100,000 bbl/day.

In November, the company said it would sell the refinery if it received a good offer.

In Argentina, Petrobras owns the Bahia Blanca refinery.

In the US, it owns the Pasadena Refining System Inc (PRSI), which has a processing capacity of just over 100,000 bbl/day.

The divestments will finance upcoming investments, Petrobras said.

($1 = €0.77)

By: Al Greenwood
+1 713 525 2645

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