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Air Products’ LNG

technology selected for
Energia Costa Azul export

project in Mexico

Air Products, the world’s leader in liquefied nat-
ural gas (LNG) technology and equipment, has
signed an agreement to provide its proprietary Manatee facility in January 2014 and completed of the entire stake held by Petrobras Frade Inver-
LNG technology, equipment and related pro- a 60% expansion in October 2019 to meet the siones S.A. (PFISA), a subsidiary of Petrobras, in
cess license and advisory services to the Energia needs of the ever-growing LNG industry. In the company Frade BV to Petrorio Luxembourg,
Costa Azul (ECA) LNG Export Terminal Pro- October 2018, Air Products dedicated a new which now holds 100% of Frade BV.
ject. Air Products’ world-leading LNG manu- LNG equipment test facility (ETF), which will After fulfilling the previous conditions, the
facturing facility in Port Manatee, Florida will enable Air Products to improve the reliability operation was concluded with the payment of
manufacture the coil wound heat exchangers and yield produced from its LNG equipment $36mn to Petrobras, an amount resulting from
(CWHE) for its AP-DMR™ LNG Process tech- and to design new equipment. the payments foreseen in the contracts and with
nology, which will then be shipped to the project Air Products, February 01 2021 the applicable adjustments. This value adds to
export terminal site in Ensenada, Mexico. ECA the amount of $7.5mn paid to Petrobras at the
LNG is a joint venture between Sempra LNG, sales contract signing.
IEnova and Total. INVESTMENT The amount received today was adjusted
“ECA LNG is a new customer for Air Prod- due to the profit earned by Petrobras and PFISA
ucts’ LNG business, and we are pleased our Petrobras concludes of $56,5mn in the period between July 1, 2019
AP-DMR process technology was selected to (base date of transaction), and February 5, 2021
assist them in meeting their LNG business goals the sale of BSBios (closing of transaction).
for the first phase of this strategic west coast This type of price adjustment is a common
North America LNG project. This project will Petrobras following up on the release disclosed practice on M&A transactions.
showcase the innovative benefits of our tech- on December 23, 2020, informs that its whol- The amounts paid to Petrobras today and in
nology, as it will utilize our highly efficient and ly-owned subsidiary Petrobras Biocombustível the signing, added to the profit earned, totaled
cost effective dual mixed refrigerant (DMR) S.A. (PBio) completed today the sale of all its $100mn, as previously disclosed. In addition,
process for this unique, compact site location. shares (50% of the company’s capital) issued by there is the amount of $20mn contingent to a
Our recently expanded manufacturing facility BSBios Indústria e Comércio de Biodiesel Sul potential new commercial discovery in the field,
can serve all customer needs in terms of LNG Brasil S/A (BSBios) to the company RP Partic- which if it occurs in the future, Petrobras will be
production capacity and reinforces our commit- ipações em Biocombustíveis S.A. entitled to receive.
ment and presence to serve all the LNG markets After fulfilling all the precedent conditions, The Frade field is located about 118 km off
worldwide, from baseload mega trains to mid- the transaction was concluded with the payment the north coast of the state of Rio de Janeiro, at a
scale bunkering facilities to small-scale facili- of BRL253mn to PBio already with the adjust- water depth of 1,050-1,300 metres. Production
ties,” said Dr. Samir J. Serhan, chief operating ments foreseen in the contract. In addition started in June 2009 and the average produc-
officer at Air Products. to this amount, BRL67mn are kept in a linked tion in 2020 was around 20,000 boepd, of which
Air Products’ LNG equipment will be able to account (escrow) for the indemnification of Petrobras production stake was around 6,000
produce approximately 3mn tonnes per annum eventual contingencies and released according boepd.
at the Ensenada location. Under the agreement, to the terms and conditions established in the Petrobras, February 08 2021
Air Products’ DMR process technology, as well contract, and BRL2mn were received in advance
as engineering, design and manufacturing of the in the form of interest on equity in December Petrobras concludes the
heat exchanger equipment for the liquefaction 2020, totaling the amount of the transaction at
section, will be supplied for the single produc- BRL322mn. sale of assets in Uruguay
tion train. The process uses Air Products’ pro- Petrobras, February 09 2021
prietary CWHE technology. This DMR process Petrobras, following up on the release disclosed
is particularly well suited for not only this land- Petrobras concludes sale of on October 2, 2020, informs that its indirect sub-
based baseload LNG facility in Mexico, but also sidiary Petrobras Uruguay Sociedad Anónima
for Arctic locations and for offshore, floating the Frade field to PetroRio de Inversión (PUSAI), concluded today the sale
LNG applications. The highly efficient process of its entire stake in Petrobras Uruguay Distribu-
and CWHE equipment design, combined with Petrobras, following up on the release disclosed ción S.A. (PUDSA), in Uruguay, to Mauruguay
fuel-efficient mechanical drivers, significantly on November 28, 2019, has concluded the sale of S.A., an indirect wholly-owned subsidiary of
reduces the greenhouse gas emissions from the its 30% participation in the Frade field, located in Disa Corporación Petrolífera S.A. (DISA).
liquefaction process. the Campos Basin, north coast of the state of Rio After fulfilling all the precedent conditions,
Air Products will build the LNG heat de Janeiro, to PetroRio Jaguar Petróleo Ltda., a the operation was concluded with the payment
exchangers at its Port Manatee, Florida manu- subsidiary of PetroRio, which holds the remain- of $62mn to PUSAI, already with the adjust-
facturing facility. Air Products opened its Port ing 70%. The transaction also included the sale ments provided for in the contract.

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