Brazilian president Jair Bolsonaro has frequently expressed irritation with Petrobras’ fuel prices
Petrobras’ downstream dilemma
President Bolsonaro considers privatising the NOC as fuel prices climb and divestments drag
Brazilian state oil company Petrobras heads into the final stretch of the year almost certain to miss its divestment targets. The operator has successfully signed sales agreements for only two of the eight refineries it has promised to offload by year-end and still has a swathe of onshore and offshore production assets to shed. “Only the Reman and RLAM refineries have sales agreements signed,” says Andre Fagundes, vice-president for Latin American research at consultancy Welligence Energy Analytics. “That leaves another six still to be sold, as per the agreement with anti-trust agency Cade. It is possible that Petrobras will reach a sales agreement for three additional refineries—Lubnor, SIX
Also in this section
24 January 2025
Domestic companies in Nigeria and other African jurisdictions are buying assets from existing majors they view as more likely to deliver production upside under their stewardship
23 January 2025
The end of transit, though widely anticipated, leaves Europe paying a third more for gas than a year ago and greatly exposed to supply shocks
23 January 2025
The country’s government and E&P companies are leaving no stone unturned in their quest to increase domestic crude output as BP–ONGC tie-up leads the way
22 January 2025
The return of Donald Trump gives further evidence of ‘big oil’ as an investable asset, with the only question being whether anyone is really surprised
