Page 11 - LatAmOil Week 12 2022

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Petrobras has already begun boosting produc- powerhouse, thereby causing major disruptions
tion levels, focusing on increasing output at its to worldwide oil supplies.
rich deepwater and ultra-deepwater depos- In a recent announcement, the International
its located in the offshore Campos and Santos Energy Agency (IEA) said Russia’s invasion
basins. of Ukraine was causing a supply shortage that
Russia is the world’s third-biggest crude could potentially slow world economic growth
producer behind the US and Saudi Arabia. As while raising oil and gas prices. For that reason,
such, its conflict with Ukraine has resulted in it called for an increase in energy output in other
an array of sanctions being enforced on the oil world regions in order to curtail this threat. ™

Acelen pushes back against claims that

Mataripe refinery is pricing fuel unfairly

ACELEN, the subsidiary of the Mubadala Cap- had used its takeover of RLAM as a springboard
ital group (UAE/Abu Dhabi) that operates the for the creation of a fuel monopoly in Bahia
Brazilian oil-processing plant formerly known State. The oil-processing plant, now known as
as the Landulpho Alves Refinery (RLAM), has the Mataripe refinery, has gained a monop-
dismissed claims that it is taking an unfair and oly over petroleum product supplies in Bahia,
uncompetitive approach to fuel pricing in Bahia according to FUP co-ordinator Deyvid Bacelar.
State. It has also hiked prices multiple times, bringing
Contrasting itself to the national oil com- rates up to the highest levels in Brazil, Bacelar
pany (NOC) Petrobras, which is hard-pressed to was quoted as saying by Argus.
uphold its commitment to the import price par- FUP has expressed support for a proposed
ity principle that guides its own market-based constitutional amendment that would serve to
pricing structure, Acelen explained that it had reverse the privatisation of the Mataripe refin-
developed its own independent management ery. Jorge Solla, a member of the left-wing Work-
model, Argus Media noted. Under this model, ers’ Party (PT) from Bahia State, has introduced
prices are adjusted in line with the variables of legislation that would lay the foundation for just
each market, a spokesman for the company said such a measure. This measure is not expected to
earlier this week. be ratified, as it will probably not be able to gain
“Acelen’s prices are the result of the applica- the necessary super-majority in Brazil’s National
tion of contracts signed with its clients, which Congress.
bring an objective and transparent pricing for- To date, the Mataripe refinery is the only
mula that has been discussed at length with the oil-processing plant that Petrobras has sold
clients themselves and approved by the regula- within the framework of its massive $20-40bn
tory agency,” the spokesman told Argus. privatisation programme. This campaign is
The company sought to defend itself after a designed to streamline the NOC’s portfolio and
labour group, Brazil Oil and Gas Workers Uni- allow it to concentrate its efforts and budget on
fied Federation (FUP), complained that Acelen upstream development at offshore oilfields. ™

RLAM, now known as the Mataripe refinery, was sold in 2021 (Photo: Petrobras)

Week 12 24•March•2022 www. NEWSBASE .com P11