Petrobras and Braskem, the sixth largest petrochemical company in the world, signed raw material supply contracts totaling US$17.8 billion, which is equivalent to R$98.5 billion. The announcement was made by the two companies through communications to investors, on Thursday night (18).
The agreements are long-term, valid for up to 11 years, and deal with the renewal of supply contracts that were close to their expiration date.
All agreed values were calculated based on international references.
petrochemical naphtha
One of the agreements deals with the sale of petrochemical naphtha, a product derived from petroleum, to Braskem’s industries in São Paulo, Bahia and Rio Grande do Sul.
The agreement provides for a minimum monthly withdrawal quantity, with the possibility of negotiating additional quantities monthly, reaching up to 4.116 million tons in 2026 and up to 4.316 million tons in 2030.
The estimated value of the naphtha sales contracts is US$11.3 billion, valid for five years from January 1, 2026.
Ethane, propane and hydrogen
Another negotiation is the sale of ethane, propane and hydrogen to be supplied to the Braskem unit in Rio de Janeiro.
From 2026 to 2028, the contract contemplates the maintenance of the currently agreed quantity, of 580 thousand tons of ethylene equivalent per year, with production and supply from the Duque de Caxias Refinery (Reduc), in the metropolitan region of Rio.
From 2029 to 2036, the contract contemplates increasing this quantity to 725 thousand tons of ethylene equivalent per year, to meet the expansion of Braskem (in the project phase), with production and supply from Reduc and/or the Boaventura Complex (formerly Comperj), also in the metropolitan region.
The estimated value of the contract is US$5.6 billion, with a term of 11 years from the first day of 2026.
Propylene
The latest agreement concerns the sale of propylene from the Reduc, Capuava (SP) and Alberto Pasqualini (RS) refineries.
The contracted quantity is up to 140 thousand tons per year in Capuava and 100 thousand in Reduc. A staggered quantity was also contracted from the Alberto Pasqualini Refinery, which will increase annually: 14 thousand, 24 thousand, 36 thousand, 48 thousand and 60 thousand tons.
The estimated value is US$940 million, valid for 5 years, starting on May 18, 2026.
Changes at Braskem
In addition to being a supplier to Braskem, Petrobras owns 47% of the company’s voting shares. The controlling company is Novonor (formerly Odebrecht), currently in judicial recovery, a condition in which a company tries, with the approval of the Court, to renegotiate debts to avoid bankruptcy.
One of the reasons for Braskem’s financial crisis is the petrochemical market, which is falling internationally.
Novonor has been trying to sell its share in Braskem. On Monday (15), Braskem reported that Novonor announced that it had entered into an exclusivity agreement with an investment fund that will assume the company’s debts in exchange for receiving 50.111% of the shares with voting power, in other words, becoming Braskem’s controller.
The investment fund is called Shine and is advised by IG4 Capital, specialized in company recovery and difficulties.
Petrobras monitors
Following the news of the agreement between Novonor and the investment fund, Petrobras reported that it is monitoring the situation and may or may not exercise the two corporate rights it has: right of preference, which would allow it to assume the purchase of Braskem, or tag alonga prerogative in the business world that allows selling the state-owned company’s share to the new entrant.
“Petrobras will monitor the developments of the communicated fact and will analyze the terms and conditions of this potential transaction to, if applicable and at the appropriate time, decide on the possible exercise, or not, of these rights provided for in the shareholders’ agreement”.
Another option is to maintain Petrobras’ current corporate position. The president of Petrobras, Magda Chambriard, has already publicly praised the potential of petrochemicals.
