Page 12 - LatAmOil Week 26 2021

LatAmOil BRAZIL LatAmOil

Mubadala Capital placed the winning bid for the RLAM refinery (Photo: Petrobras)
Opposition parties and oil workers’ labour programme, and the signing of the deal between
unions have been especially critical, arguing Petrobras and MC Brazil Downstream Partici-
that Petrobras accepted a price that was too low. pações represents the end of the NOC’s monop-
Luna told legislators last week, though, that he oly over Brazil’s refining industry.
expected the sale of this plant, along with the Petrobras’ privatisation campaign also cov-
other seven refineries, to strengthen Petro- ers the Presidente Getúlio Vargas Refinery
bras. The proceeds of these deals will help the (REPAR) in Paraná State, the Alberto Pasqua-
NOC raise $25-35bn that can be used to finance lini Refinery (REFAP) in Rio Grande do Sul, the
exploration and development work in frontier Isaac Sabbá Refinery (REMAN) in Amazonas,
provinces and in the pre-salt section of Brazil’s the Shale Industrialization Unit (SIX) in Paraná,
offshore zone, he asserted. the Lubrificantes e Derivados de Petróleo do
RLAM is located in São Francisco do Conde Nordeste (LUBNOR) base oils plant in Ceará,
in Brazil’s northern state of Bahia. It was the the Abreu e Lima Refinery (RNEST) in Pernam-
first of eight oil-processing plants slated for sale buco and the Gabriel Passos Refinery (REGAP)
this year under Petrobras’ refinery privatisation in Minas Gerais. ™

ARGENTINA
CGC expands asset portfolio with

acquisition of Sinopec subsidiary

COMPAÑÍA General de Combustibles (CGC)
of Argentina has expanded its holdings through
the acquisition of Sinopec Argentina Explora-
tion and Production, a subsidiary of the state-
owned Chinese company Sinopec.
The mid-sized operator announced the deal
in a statement dated June 30, saying it was now
in a position to add the Sinopec subsidiary’s
upstream and midstream assets to its portfolio.
These assets include fields in the Cuenca del
Golfo de San Jorge and Cuenca Cuyana basins CGC’s portfolio includes both midstream and upstream assets (Image: CGC)
and port terminals in Caleta Olivia and Caleta
Córdova, it said. These assets cover a combined subsidiary’s fields will increase the company’s
area of 4,668 square km, it added. proven reserves from 59mn barrels of oil equiv-
CGC did not reveal the value of the deal, alent to 90mn boe, it said. Additionally, it noted,
but it did say that the acquisition would raise the new fields will push output up from the cur-
its reserves and production levels. The Sinopec rent level of 34,266 boe per day to 55,029 boepd.

P12 www. NEWSBASE .com Week 26 01•July•2021