Related Articles
Forward article link
Share PDF with colleagues

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

Comments

Comments

{{ error }}
{{ comment.comment.Name }} • {{ comment.timeAgo }}
{{ comment.comment.Text }}
Also in this section
Bangladesh hails Henry Hub linkage in US LNG deal
4 August 2021
South Asian importer hopes for price advantage compared with Brent
ExxonMobil announces 2021 Power Play finalists and community voting
4 August 2021
Sixteen outstanding professionals are up for awards across four categories, with community voting now open
BP’s Angolan JV could provide future template
3 August 2021
The major’s pooling of non-core resources with Italy’s Eni may be a model moving forward
Sign Up For Our Newsletter
Project Data
Maps
PE Store
Social Links
Social Feeds
Featured Video