Petrobras refinery sale in limbo
Downstream divestment programme at risk as federal office scrutinises auction
Brazilian regulatory authorities have baulked at the $1.65bn selling price of the Landulpho Alves refinery (RLAM), agreed between state oil company Petrobras and Emirati investment fund Mubadala, and are threatening to suspend the transaction pending further investigation. Petrobras had valued the facility, in Bahia state, at more than $3bn. It is one of eight refineries being touted as part of the NOC’s divestment drive. Earlier in the year, Petrobras terminated the sale of its Presidente Getulio Vargas refinery when binding proposals came in lower than its financial estimate. But offloading non-core assets is a priority for the Brazilian company to cut debt and refocus on its more profitab
Also in this section
24 October 2024
Producers in the region see significant gains to be made by boosting output using the infrastructure already in place
23 October 2024
Markets have seen no material disruption from the war so far, but as the fighting goes on it is a matter of when, not if
23 October 2024
Majors in the region are pushing boundaries and could see significant upside, but longer-term risks remain
22 October 2024
Angola is unlikely to meet the official timeline for an IPO of state-owned oil giant Sonangol in 2026