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Brazilian antitrust watchdog may force Petrobras to sell refineries

December 06/2018

MOSCOW (MRC) -- Brazilian antitrust watchdog Cade will begin on an investigation that may result in mandatory sales of refineries by state-controlled oil company Petroleo Brasileiro SA, reported Reuters with reference to newspaper Valor Economico.

According to the paper, Cade is analyzing the influence of Petrobras on fuel prices. The company controls almost 100 percent of refining in the country. Cade and Petrobras did not immediately comment on the matter.

Petrobras has proposed earlier this year to sell a 60 percent stake in four refineries. But a truckers strike that pressured the companys pricing policies spooked buyers, and a decision by Supreme Court Justice Ricardo Lewandowski forced the company to halt the sale process.

As MRC wrote previously, in October 2017, Petrobrass minority stakes in Braskem and Deten Quimica was excluded from Petrobrass divestment program, according to a government decree published in Brazils Official Gazette. The decree prevented Petrobras from immediately selling its minority stake in Braskem, which had been announced last year. A new decree will be required to release the stock sale.

Headquartered in Rio de Janeiro, Petrobras is an integrated energy firm. Petrobras' activities include exploration, exploitation and production of oil from reservoir wells, shale and other rocks as well as refining, processing, trade and transport of oil and oil products, natural gas and other fluid hydrocarbons, in addition to other energy-related activities.
Author:Margaret Volkova
Tags:crude and gaz condensate, petrochemistry, Braskem, Petrobras, Brazil.
Category:General News
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