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Petrobras refinery sales stutter

Pledge to divest half of the company’s refining capacity by year-end is starting to look doubtful

Brazilian state oil company Petrobras has terminated the sale of its Alberto Pasqualini (Refap) refinery, in the state of Rio Grande do Sul, after negotiations with fuel distribution conglomerate Ultrapar broke down. The refinery sale is the third downstream deal to fall through since the NOC pledged to offload half of its refinery capacity in 2019. The divestment process for the 208,000bl/d Presidente Getulio Vargas (Repar) refinery fell apart after bidding fell short of the asking price. In Amazonas state, the smaller Abreu e Lima (RNEST) refinery failed to attract significant bidders, forcing Petrobras to restart the sales process on both facilities. Collapsed talks leave Petrobras hav

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