Acron has lost its Petrobras deal
The Brazilian oil and gas company Petroleo Brasileiro (Petrobras) has announced that the deal on the sale of its Nitrogen Fertilizer Unit III to Acron Group will not take place. Petrobras says that the Brazilian government has not approved the business plan proposed by Acron Group.
Petrobras and Acron Group held the first negotiations on the purchase of Nitrogen Fertilizer Unit III in 2018. Then they were suspended and resumed only last year.
The Nitrogen Fertilizer Unit III has been under construction since 2011 and is currently completed by 80%. The plant’s capacity is 800 thousand tons of ammonia and 1.3 million tons of carbamide per year.