Petróleo Brasileiro SA (Petrobras) has completed the sale of its 5,800-tonne/day Unidade de Industrialização do Xisto (SIX) unit—including a mine in one of the world’s largest oil shale reserves and a shale processing plant—in São Mateus do Sul, Paraná, to Forbes Resources Brazil Holding SA (F&M Brazil), a subsidiary of privately-held Forbes & Manhattan Resources Inc. (F&M), Toronto, Ont.

As part of the Nov. 4 transaction, F&M Brazil acquired Petrobras’ 100% ownership interest in Paraná Xisto SA—operator of SIX and its associated assets—for an overall purchase price of $41.6 million, $3 million of which was previously paid as a guarantee at the contract signing in November 2021, Petrobras said.

In connection with completing the sale, Petrobras also signed a separate lease agreement with Paraná Xisto that allows Petrobras to continue unidentified research activities in experimental plants sited in the SIX area.

With the deal finalized, SIX assets are now managed by F&M Brazil, to which Petrobras will offer ongoing support for a transitional period of up to 15 months to ensure safe, uninterrupted operations, the seller confirmed.


Sale of SIX comes as part of Petrobras’ broader downstream divestment program initiated under a June 2019 agreement between Petrobras and Brazilian regulator the Administrative Council for Economic Defense (CADE) governing the operator’s ongoing plan to divest most of its Brazilian refining and related logistics assets, as well as the opening of Brazil’s refining sector to promote increased competitiveness and transparency (OGJ Online, Aug. 22, 2022; June 17, 2019).

The sale additionally supports the operator’s portfolio management strategy and improved allocation of its capital, Petrobras said.