Brazilian state-controlled Petrobras’ plan to sell half of its 2.2mn b/d of domestic refning capacity will eventually open up new opportunities for domestic and foreign oil suppliers. Future refnery buyers — the frst of which could be Abu Dhabi’s state-owned investment fund Mubadala next month — are likely to negotiate crude supply agreements with Petrobras to cover short-term needs. But they will not be required to use the company’s crude, a senior Petrobras executive tells Argus. The buyers will have more feedstock sourcing options from dozens of domestic producers ranging from small independents to foreign giants such as Shell. But the new refners could also source supply outside Brazil.
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