Petrobras completes $435m sale of PetroquímicaSuape, Citepe to Alpek – Petróleo Brasileiro (Petrobras) has completed sale of two of its downstream subsidiaries – Companhia Petroquímica de Pernambuco (PetroquímicaSuape) and Companhia Integrada Têxtil de Pernambuco (Citepe) to Mexico-based Alpek for R$1.523bn ($435m) – Petrobras PetroquímicaSuape Citepe Alpek PTA PET facility - Arhive

EBR Staff Writer

Petróleo Brasileiro (Petrobras) has completed sale of two of its downstream subsidiaries – Companhia Petroquímica de Pernambuco (PetroquímicaSuape) and Companhia Integrada Têxtil de Pernambuco (Citepe) to Mexico-based Alpek for R$1.523bn ($435m).

The Mexican petrochemical company made the acquisition through its subsidiaries Grupo Petrotemex and Dak Americas Exterior.

The transaction, which was approved by Brazil’s Court of the Administrative Council for Economic Defense (CADE) among others, also saw the restructuring of the long-term debt of both companies.

Petrobras, in a statement, said: “The transaction is part of Petrobras’ Partnerships and Divestments Program, in line with the 2018-2022 Business and Management Plan, which provides for the optimization of the company’s portfolio, with full divestments in the petrochemical industry.”

Petroquimica Suape and Citepe operate an integrated PTA-PET facility in Brazil. Located in Ipojuca in the state of Pernambuco, the PTA-PET facility has an installed capacity of 640 and 450 thousand tons per year of PTA and PET, respectively.

Citepe also operates a texturized polyester filament plant at the PTA-PET facility with a capacity of 90 thousand tons per year.

Alpek said that it will take over operations of Petroquimica Suape and Citepe from 1 May, 2018.

In another development, Petrobras said that it has completed sale of its entire stake in Campo de Azulão (Concession BA- 3) in the Brazilian state of Amazonas to Parnaíba Gás Natural.

Petrobras received a payment of $56.5m from the Eneva subsidiary in this connection.

The Brazilian national oil company has been targeting to raise around $21bn through 2017 and 2018 by executing a series of divestments of some of its assets, Reuters reported.

Last week, Petrobras said that it was initiating sale of 60% of its stake in refining and logistics in the Northeast and South region in Brazil.

The company said: “The model provides for the creation of two subsidiaries, one including assets from the Northeast region, and the other including assets from the South region.  Petrobras intends to sell 60% of its equity interest in each of these new companies.”