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Deals

Brazilian oil logistics co. Açu Petróleo files for IPO

SAO PAULO (Reuters) - Brazilian oil logistics company Açu Petróleo on Wednesday filed for an initial public offering, according to a securities filing.

Açu Petroleo, a partnership between Prumo Logistica SA and Oiltanking GMBH, is a logistics company that provides services for Petroleo Brasileiro SA PETR4.SA at Porto do Açu, Latin America's largest port dedicated to offshore oil production. The port is in the Northern region of Rio de Janeiro state, next to the Campos Basin and Brazil's legacy fields.

Besides Petrobras, as the state-controlled company is known, only Açu Petroleo has infrastructure to receive large oil tankers known as very large crude carriers, or VLCC.

Both Açu Petroleo and its shareholders plan to sell shares in the offering, it said in its filing, without disclosing the amount it plans to raise.

Açu Petroleo said it plans to use the proceeds of the offering to build a 45-km (28-mile)oil pipeline and an oil storage unit, expected to be operating by 2023.

The company posted a net loss of 112.5 million reais ($20.96 million) and revenues of 180.7 million reais in the first half of the year.

Bank of America, Bradesco BBI, and Santander Brasil will manage the offering.

Reporting by Carolina Mandl, in Sao Paulo, and Sabrina Valle, in Rio, and additional reporting by Aluisio Alves; Editing by Franklin Paul and Jonathan Oatis

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