Petróleo Brasileiro SA (Petrobras), Rio de Janeiro, has provided clarification on the lease agreements inked with Brazil’s Proquigel Química SA late last week for its idled Bahia (Fafen-BA) and Sergipe (Fafen-SE) nitrogen plants (GM Nov. 22, p. 1).
“The R$177 million cited in our Nov. 21 media statement regarding the lease agreements refers to the total amount of the contract, which will be divided and paid in monthly installments re-adjusted annually, for a period of ten years,” a Petrobras spokesperson told Green Markets. “If the parties involved agree, the contract may be renewed for another ten years.”