Petrobras inks refining sale

摘要

Brazilian state-owned Petrobras has finally kickstarted its refining divestment programme by agreeing to offload the Landulpho Alves refinery (RLAM)— the highest capacity facility available at auction—to UAE sovereign wealth fund Mubadalafor$1.65bn. The transaction remains subject to state approval but would be the first of eight Petrobras refineries scheduled for offloading. In 2019, Brazilian anti-trust regulator Cade mandated that half of Petrobras' refining capacity—equivalent to l.lmn bl/d—must be divested, but the NOC had made little headway on this until early February.