Petrobras dismisses plan to sell a fertilizer-producing plant to Acron

Petrobras withdrew from selling the Nitrogen-based Fertilizers Unit III (UFN-III), located in Três Lagoas (MS), to the Russian group Acron, after announcing in February advances in the divestment process that has lasted for years.

According to Petrobras, the business plan proposed by Acron made it impossible to obtain the necessary government approvals for continuing the transaction.

“Thus, the company is seeking to finalize the current sale process internally and launch a new one as soon as possible,” confirmed Petrobras in a statement.

In February, the state-owned company said it had reached an agreement with Acron with respect to the contractual sale minutes after then-Minister of Agriculture, Tereza Cristina, commented at an event that the deal had been closed.

The announcement was made in February before President Jair Bolsonaro visited Russia. The Brazilian ruler met with Vladimir Putin days before the start of the war in Ukraine.

The state-owned company began the non-binding phase of the sale of UFN-III in February 2020. The plant started being constructed in September 2011, with interruptions in December 2014, while the structure was 80% finalized.

Once completed, the unit would have a projected production capacity of 3,600 tonnes of urea per day and 2,200 tonnes of ammonia per day, according to Petrobras data.

Source: Money Times

To read the full original article, please go to:

https://www.moneytimes.com.br/petrobras-petr4-encerra-negociacao-para-venda-de-projeto-de-fertilizantes-em-ms-para-russa-acron/

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