Petrobras' Landulpho Alves Refinery is the third-largest refinery in Brazil and refines products including liquefied petroleum gas, gasoline, diesel fuel and lubricants.. REUTERS
Petrobras' Landulpho Alves Refinery is the third-largest refinery in Brazil and refines products including liquefied petroleum gas, gasoline, diesel fuel and lubricants.. REUTERS
Petrobras' Landulpho Alves Refinery is the third-largest refinery in Brazil and refines products including liquefied petroleum gas, gasoline, diesel fuel and lubricants.. REUTERS
Petrobras' Landulpho Alves Refinery is the third-largest refinery in Brazil and refines products including liquefied petroleum gas, gasoline, diesel fuel and lubricants.. REUTERS

Abu Dhabi's Mubadala buys refinery assets from Brazil's Petrobras for $1.65bn


Jennifer Gnana
  • English
  • Arabic

Abu Dhabi's Mubadala Group bought a refinery and logistics assets from Brazil's state oil company Petrobras for $1.65 billion, as the company looks to expand its oil and gas assets abroad.

The transaction included the sale of the Landulpho Alves Refinery as well its associated logistics assets in the state of Bahia.

The refinery, one of Brazil's oldest, is also its third largest. It includes an integrated petrochemical complex, which is one of the largest in the southern hemisphere.

It is capable of refining liquefied petroleum gas, gasoline, diesel fuel and lubricants. It has a capacity of 333,000 barrels per day.

Mubadala has exposure to the associated chemicals assets through its investment in Spanish group Cepsa, in which it is the majority shareholder with a 63 per cent stake.

Cepsa owns 72 per cent of Camaçari in Bahia state, with the remainder held by Petrobras. The facility is the world's largest linear alkylbenzene (LAB) manufacturing plants.

Cepsa is also a major producer of LAB – a component used in the manufacture of biodegradable detergents. The Spanish firm is also developing a facility to produce LAB in Abu Dhabi in the Ruwais downstream hub.

Mubadala has invested more than $2bn (Dh7.34bn) in Brazil in energy, infrastructure and other sectors as of 2019.

The company's deal with Petrobras provides for "adjustments in the sale value due to variations in working capital, net debt and investments until the closing of the transaction", the Brazilian company said in a statement.

Petrobras will continue to operate the refinery and associated assets until all the conditions for the transaction are met and will continue to provide ongoing support during a transition period.

Mubadala, which manages more than $232bn in assets, invests on behalf of the Abu Dhabi government across sectors. Its international investments include stakes in Softbank's Vision Fund, Reliance Retail Ventures, Austria’s oil and gas entity OMV and petrochemicals companies Borealis and Nova Chemicals.

RACE CARD

6.30pm Maiden (TB) Dh82.500 (Dirt) 1,400m

7.05pm Handicap (TB) Dh87,500 (D) 1,400m

7.40pm Handicap (TB) Dh92,500 (Turf) 2,410m

8.15pm Handicap (TB) Dh105,000 (D) 1,900m

8.50pm UAE 2000 Guineas Trial (TB) Conditions Dh183,650 (D) 1,600m

9.25pm Dubai Trophy (TB) Conditions Dh183,650 (T) 1,200m

10pm Handicap (TB) Dh102,500 (T) 1,400m

Fight card

Bantamweight

Siyovush Gulmamadov (TJK) v Rey Nacionales (PHI)

Lightweight

Alexandru Chitoran (ROM) v Hussein Fakhir Abed (SYR)

Catch 74kg

Tohir Zhuraev (TJK) v Omar Hussein (JOR)

Strawweight (Female)

Weronika Zygmunt (POL) v Seo Ye-dam (KOR)

Featherweight

Kaan Ofli (TUR) v Walid Laidi (ALG)

Lightweight

Leandro Martins (BRA) v Abdulla Al Bousheiri (KUW)

Welterweight

Ahmad Labban (LEB) v Sofiane Benchohra (ALG)

Bantamweight

Jaures Dea (CAM) v Nawras Abzakh (JOR)

Lightweight

Mohammed Yahya (UAE) v Glen Ranillo (PHI)

Lightweight

Alan Omer (GER) v Aidan Aguilera (AUS)

Welterweight

Mounir Lazzez (TUN) Sasha Palatnikov (HKG)

Featherweight title bout

Romando Dy (PHI) v Lee Do-gyeom (KOR)

Company Profile

Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million