LLX today (11th) announced its company name change to Prumo. Approved during the Extraordinary General Meeting (EGM) held yesterday, the new name marks a new chapter for the company, which has since October been majority held by EIG Group.
The name Prumo denotes a foundation that is solid, upright, well planned and calculated with efficiency and discipline. It was chosen to represent this new era for the company, with a more pragmatic and transparent management approach that combines the pursuit of excellence with a long-term vision to integrate markets.
“The new brand emphasizes our strengths and denotes the solidity of our venture, which will operate as a catalyst for Brazil’s growth,” said Prumo CEO Eugênio Figueiredo.
Developing one of the largest port projects in Brazil, Açu Port, the company offers a competitive and integrated logistics solution, from Brazil to the world and from the world to Brazil.
EIG Group acquired a controlling interest in Prumo through a private capital increase of BRL 1.3 billion. As part of the transaction, which was initiated in October and concluded this month, Eike Batista assigned his pre-emptive rights at no cost to EIG Group.
EIG Group currently has a 53% interest in the company. Eike Batista, who has stepped down from the company’s Board of Directors, remains an important shareholder with an interest of approximately 21%.
EIG Group is an infrastructure fund which during the course of 31 years in business has invested approximately USD 15 billion in the sector through more than 280 ventures or companies in more than 33 countries spanning 6 continents.
With 17 km of wharf line accommodating up to 47 vessels, Açu Port is being developed in São João da Barra, in the north of Rio de Janeiro State. Covering an area of 90 km², the project, which has received investments of R$ 4.7 billion to date, comprises an offshore terminal (Terminal 1, or T1) and an onshore terminal (Terminal 2, or T2).
T1 consists of a 3-km access bridge, a tugboat pier, 9 oil and iron-ore handling piers, an approach channel and a turning basin. Of these, 2 iron ore piers, the tugboat pier, approach channel and turning basin have been completed. The first ore shipment from Açu Port is scheduled to take place in the second half of next year.
T2 straddles a 6.5 kilometer-long, 300 meter-wide navigation canal. Work is underway on construction of the approach channel, turning basin, breakwater blocks and transmission line. With more than 13 kilometers of wharf line, T2 will handle pig iron, coal, vehicles, bulk liquids and solids, general cargo and oil.
Unique features including large depth, strategic geographic location and efficient infrastructure make Açu Port an optimal solution for O&G operations. The Port can host operations bases to handle and treat oil, support bases for offshore E&P operations and a metalworking cluster dedicated to the oil and gas industry.
Açu Port is scheduled to begin operating this year with the startup of a client facility already located along the T2 (Offshore Terminal) canal.