Yahoo Finance Petrobras (PBR) Refinery Sale Approved by Brazil Regulator
The Brazilian government-run oil major, Petrobras PBR, recently stated that it received a go-ahead from Brazil’s antitrust watchdog — the General Superintendence of the Administrative Council for Economic Defense (CADE) — for the sale of the Isaac Sabbá Refinery (REMAN) to Ream Participações SA, a subsidiary of the distributor – Atem.
Petrobras initially announced this refinery sale agreement worth $189.5 million in August 2021. The refinery, which has a capacity of 46,000 barrels per day and includes a storage terminal, is in the northern state of Amazonas.
The transaction needs the final and unappealable authorization by CADE, which is subject to the elapse of the 15-day period imposed by Law 12.529/11 for the filing of any appeals by third parties or the revocation of the process by the CADE Tribunal. The closing of the deal is also subject to other purchase and sale agreement compliances.
REMAN is one of the eight refineries that Petrobras has put up for sale as part of a 2019 agreement with the antitrust supervisory body to increase competition in Brazil's oil refining business.
Headquartered in Rio de Janeiro, Petroleo Brasileiro S.A. or Petrobras S.A. is the largest integrated energy firm in Brazil and one of the largest in Latin America. PBR’s activities include the exploration, exploitation, and production of oil from reservoir wells, shale and other rocks as well as the refining, processing, trading and transportation of oil and oil products, natural gas and other fluid hydrocarbons, among other energy-related activities.
Petrobras currently sports a Zacks Rank #1 (Strong Buy). Some other similar-ranked stocks from the energy space that warrant a look include Earthstone Energy ESTE, Ranger Oil ROCC and PBF Energy PBF. You can see the complete list of today’s Zacks #1 Rank stocks here.
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PBF Energy’s stock has increased 103.4% in a year. The Zacks Consensus Estimate for PBF Energy’s 2022 earnings has been revised upward by about 141.4% over the past 60 days from $2.39 to $5.77 per share.
The Zacks Consensus Estimate for PBF’s 2022 earnings is projected at $5.77 per share, up about 330.8% from the projected year-ago loss of $2.50.
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Petroleo Brasileiro S.A. Petrobras (PBR) : Free Stock Analysis Report
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