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Tuesday, January 31, 2023

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Petrobras (PETR4) closes competitive process for the sale of UFN-III

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Petrobras will now evaluate the next steps related to the divestment of the asset (Image: Bloomberg)

THE Petrobras (PETR3;PETR4) informed this Tuesday (24th) that it ended the competitive process for the full sale of Unit of Nitrogenated Fertilizers III (UFN-III).

The divestment process was in the binding phase, with potential buyers receiving guidance on carrying out due diligence and for sending binding proposals.

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Petrobras said that it will now evaluate the next steps related to the divestment of the asset, in line with the current strategic plan for 2023-2027.

Petrobras reinforced its commitment to “widespread transparency of its divestment projects and portfolio management”.

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UFN-III is an industrial unit of nitrogen fertilizers located in Três Lagoas, Mato Grosso do Sul. The construction of UFN-III began in September 2011, but was interrupted in December 2014, with physical progress of around 81%.

Once completed, the unit will have a projected urea and ammonia production capacity of 3,600 t/day and 2,200 t/day,
respectively, Petrobras said.

Source: Moneytimes

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