Petrobras and Copel confirm continuity of privatization of gas plant

Petrobras and Companhia Paranaense de Energia Elétrica (Copel) confirmed this Monday (4th) the continuity of the privatization process of Araucária Gas Power Plant (UEGA)jointly announced by the partner companies in December last year.

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“The Company has a direct and indirect interest of 81.2% in the total and voting capital of the company and has a joint sale agreement with Petrobras, which holds 18.8% of the remaining interest, through a competitive procedure aimed at selling 100% of the shares of UEGA”, informed Copel in the notice to the market and to the shareholders of the corporation, which was privatized with a public offering of shares in August.

UEGA is managed in partnership between Copel and Petrobras, consisting of a natural gas generation plant (combined cycle, with two gas turbines and 1 steam turbine), located in Araucária, in the Metropolitan Region of Curitiba, close to the pipeline Bolivia-Brazil (Gasbol). The unit started operating in 2002 and has a total capacity of 484 MW.

Also according to the company from Paraná, the divestment of the asset “is in line with the process of decarbonization of the Copel group’s generation matrix and adhering to Copel’s Corporate Strategic Planning – 2030 Vision, strengthening the pillars for the perpetuity and sustainable growth of the business.”

The continuity of the sale process of UEG Araucária was also confirmed by Petrobras to the market this Monday in the communiqué with a series of divestments of assets planned by the state-owned company. “These decisions are the result of an active management process for Petrobras’ portfolio, through which the different assets are constantly evaluated in line with the company’s most current strategic guidelines”, he justifies.

According to the report, Petrobras also states that the company should “maximize the value of the portfolio with a focus on profitable assets, replenish oil and gas reserves, including the exploration of new frontiers, increase the supply of natural gas and promote the decarbonization of operations.”

In addition to Araucária, the company will continue to sell the stakes in Brasympe, owner of Termocabo Thermoelectric Unit (UTE) and Suape II UTE, both powered by fuel oil with 20% of the assets belonging to Petrobras.

On the other hand, the state-owned company informs the closing of the disinvestment processes of Polo Urucu, Polo Bahia Terra, Campo de Manati and Petrobras Operaciones SA (Petrobras subsidiary in Argentina)considering the “strategic adherence to the portfolio, as well as the profitability profile” of the units.

Copel should not comment on the UEGA asset divestment process. Sought after by the report, Petrobras did not respond to the request for a note until the publication of this report.