MOSCOW (MRC) -- Brazilian state-run oil company Petroleo Brasileiro SA (Petrobras) said on Wednesday it expects to spend a record 2.5 B reais (USD457.41 MM) on refinery maintenance in 2022, according to Hydrocarbonprocessing.
As MRC informed beofre, Brazilian petrochemical producer Braskem SA filed with the Securities and Exchange Commission on Friday for a share offering in which the oil company Petroleo Brasileiro SA (Petrobras) and Novonor will sell their stakes in the petrochemical company.
Earlier this month, Petrobras announced it was expecting to sell 100% of its stake by February. The oil company has a 36.1% stake in Braskem, while Novonor, formerly known as Odebrecht, holds 38.3%.
We remind that in August 2021, Petrobras hired JPMorgan Chase & Co as an advisor to sell its stake in the petrochemical company Braskem SA.
We also remind that Braskem is no longer pursuing a petrochemical project, which would have included an ethane cracker, in West Virginia. And the company is seeking to sell the land that would have housed the cracker. The project, announced in 2013, had been on Braskem's back burner for several years.
Ethylene and propylene are the main feedstocks for the production of polyethylene (PE) and polypropylene (PP), respectively.
According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 2,265,290 tonnes in the first eleven months of 2021, up by 14% year on year. Shipments of all grades of ethylene polymers increased. At the same time, PP shipments to the Russian market were 1,363,850 tonnes in January-November, 2021, up by 25% year on year. Supply of homopolymer PP and block-copolymers of propylene (PP block copolymers) increased, whereas supply of injection moulding PP random copolymers decreased significantly.
Headquartered in Rio de Janeiro, Petrobras is an integrated energy firm. Petrobras' activities include exploration, exploitation and production of oil from reservoir wells, shale and other rocks as well as refining, processing, trade and transport of oil and oil products, natural gas and other fluid hydrocarbons, in addition to other energy-related activities.
MRC