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
21 April 2026
After overcoming a COVID-induced demand collapse with several years of successful market management, geopolitical events have conspired to provide the pact’s biggest test to date
21 April 2026
The regime’s policy of using nuclear ambiguity as a deterrent may have failed but it has realised it has other cards to play, while its neighbours are reappraising their approach to security
21 April 2026
As the global energy system undergoes a fundamental realignment, Algihaz Holdings has established itself as a critical player bridging conventional energy markets and the next generation of renewable infrastructure.
21 April 2026
The 25th WPC Energy Congress is taking place from 11-15 October 2026 at the Riyadh Front Exhibition & Conference Center.
