Petrobras inks downstream sale
Divestments have struggled to get going amid tough economic conditions, but could the first refinery sale prise open the door?
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 Mubadala for $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 1.1mn bl/d—must be divested, but the NOC had made little headway on this until early February. “The downstream divestment programme is a key part of Petrobras’ de-leveraging strategy over the next five years,”
Also in this section
24 December 2025
As activity in the US Gulf has stagnated at a lower level, the government is taking steps to encourage fresh exploration and bolster field development work
23 December 2025
The new government has brought stability and security to the country, with the door now open to international investment
23 December 2025
A third wave of LNG supply is coming, and with it a likely oversupply of the fuel by 2028
22 December 2025
Weakening climate resolve in the developed world and rapidly growing demand in developing countries means peak oil is still a long way away
