We have sold assets in the sugar, ethanol, and petrochemical areas for $587 million


We closed two asset sales totaling $587 million today. The Petrobras Biocombustível subsidiary (PBIO) sold to Tereos Participations - a company belonging to French group Tereos - all its stakes in Guarani, corresponding to 45.97 percent of the company's capital, for $202 million. Our Board of Directors (BoD) also approved the sale of Companhia Petroquímica de Pernambuco (PetroquímicaSuape) and of Companhia Integrada Têxtil de Pernambuco (Citepe) to two subsidiaries of Mexican outfit Alpek. The transaction was worth $385 million.

With the transactions announced today, our partnership and divestiture program totaled $13.6 billion in the 2015-2016 biennium, below the $15.1 billion target set for the period. The goal not having been achieved is explained by the obligation to comply with an injunction issued by the courts of Sergipe preventing the completion of the negotiations involving the Tartaruga Verde and Baúna fields, located, respectively, in the Campos and Santos Basins, for which we were already at an advanced stage of negotiations. The goal of the partnership and divestiture program for the 2017-2018 biennium will be automatically added of these values, now totaling $21 billion.

We do not have own employees in the assets that were negotiated today, and the employment contracts with the respective companies are not changed as a result of the transactions.

The two agreements signed today are part of the five transactions for which contracts may be signed in accordance with the interim order of the Court of Audit (TCU).

All transactions were conducted through a competitive process, and sales price was evaluated by several financial institutions through independent fairness opinions and a valuation report.

About the companies involved:


Guarani is one of the leading companies on the Brazilian sugar and ethanol market, ranking third among the largest sugar producers in Brazil. The company owns eight industrial units, seven in Brazil, in the state of São Paulo (Andrade, Cruz Alta, São José, Severínia, Mandu, Tanabi, and Vertente plants, the latter controlled jointly with the Humus Group, which owns half of the interests in it) and one in Africa, in Mozambique (Sena plant).


Tereos, which is a partner of PBIO in Guarani, with 54.03 percent of the total capital, is the third largest sugar producer in the world. The group specializes in transforming raw materials into sugar, ethanol, alcohol and starch, and owns 42 plants in Europe, South America, the Indian Ocean, Africa and Asia, hiring 24,000 employees.

PetroquímicaSuape and Citepe

PetroquímicaSuape and Citepe are wholly owned subsidiaries of ours and are part of the Chemical and Textile Industrial Complex located in Ipojuca, in the state of Pernambuco. Together, these companies encompass three integrated plants: the one producing PTA (purified terephthalic acid), the polyester filament one, and the PET (polyethylene terephthalate) resin plant.


Alpek is a Mexican company belonging to Alfa, S.A.B. de C.V. (“Alfa”), a public company operating in the petrochemical industry and holding a leading position in the global polyester production (PTA, PET, and filaments).

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