Summary by Moomoo AI
On June 6, 2024, Petroleo Brasileiro SA Petrobras (Petrobras) announced the approval by its Executive Board to resume operations at its wholly-owned subsidiary, Araucária Nitrogenados S.A. (ANSA), which has been inactive since 2020. The fertilizer plant, situated in Paraná, Brazil, is set to restart in the second half of 2025. This decision aligns with Petrobras's strategic plan for 2024 - 2028+, which includes reinvestment in fertilizer production. ANSA, located adjacent to the Presidente Getúlio Vargas Refinery (REPAR), boasts a production capacity of 720,000 tons/year of urea, 475,000 tons/year of ammonia, and 450,000 m³/year of Automotive Liquid Reducing Agent (ARLA 32). The company will begin the necessary procedures for the plant's reopening immediately, including contracting for maintenance services and critical materials. Additionally, ANSA is authorized to negotiate rehiring its former employees, pending approval from the Superior Labor Court. Petrobras will disclose further material facts to the market as they develop.