Petróleo Brasileiro SA (Petrobras) has terminated the contract for the sale of the 10,400-b/d Lubrificantes e Derivados de Petróleo do Nordeste (LUBNOR) refinery in Fortaleza, Ceará, Brazil, and its associated logistics assets (OGJ Online, Feb. 9, 2023; Dec. 1, 2022).
In May 2022, Petrobras signed a contract with Grepar Participações for the sale of Lubnor for $34 million. The contract was terminated due to “the lack of compliance with Conditions Precedent,” the company said in a release Nov. 27. Specifics about the conditions were not released.
The company maintains it commitment to the refinery’s operational continuity, to the reliability and availability of its units, and to ensuring safety and respect for the environment and people, it continued.
One of Brazil’s leading asphalt production plants and the country’s only refinery equipped to produce naphthenic lubricants, LUBNOR processes ultra-heavy Brazilian crude oil from Espírito Santo basin and the Ceará cluster.
