Petrobras Agrees to Sell 46,000 bpd REMAN Refinery for $189 Million

Petrobras, August 27, 2021

Petrobras has reached an agreement with Ream Participações S.A., a corporate company owned by the partners of Atem's Distribuidora de Petróleo S.A. (Atem), to sell its ownership stake of the Isaac Sabbá Refinery (REMAN) and its associated logistics assets, in the state of Amazonas.

The value of the sale is US$ 189.5 million, of which (i) US$ 28.4 million will be paid on this date, with the signing of the contract, as a security deposit; and (ii) US$ 161.1 million will be paid at the closing of the operation, subject to adjustments provided for in the contract.

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

Until the precedent conditions are met and the transaction is closed, Petrobras will normally maintain the operation of the refinery and all associated assets. After the closing, Petrobras will continue to support Atem in the REMAN operations in order to preserve safety and operational continuity for a specified period under a transition agreement.

REMAN is the second refinery to have the purchase and sale agreement signed, among the eight that are in the sale process. This operation is in line with Resolution nº 9/2019 of the National Energy Policy Council, which established guidelines for the promotion of free competition in the refining activity in the country, and integrates the commitment signed Petrobras with CADE in June 2019 for the opening of the refining sector in Brazil.

This disclosure to the market is in accordance with Petrobras' internal rules and with the special regime for divestment of assets by federal mixed economy companies, provided for in Decree 9,188/2017.

The transaction is adherent to the strategic plan in effect and aligned with the optimization of the portfolio and the improvement of the company's capital allocation, aiming at value generation.


REMAN, located in Manaus in the state of Amazonas, has a processing capacity of 46,000 barrels/day and its assets include a storage terminal.

About Atem

The Atem Group is composed of several companies in the business of fuel, road and river logistics, and shipbuilding, among others, the main one being Atem Distribuidora de Petróleo, a corporation founded more than 20 years ago. The Group is present in nine Brazilian states, and the Distributor has more than 300 franchised service stations, five active distribution bases, four bases under construction, and more than 2,000 active customers, moving a total of more than 2 billion liters of fuel per year.

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