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Petrobras signs deal with Brazil regulator for sale of refining assets

June 20/2019

MOSCOW (MRC) -- Brazilís state-controlled oil company Petroleo Brasileiro SA said it has signed a deal with local antitrust regulator CADE regarding the proposed sale of some of its refining installations, reported Reuters.

According to a securities filing, the company said the agreement will allow for increased competition in Brazilís refining sector, by attracting new players to the business.

Petrobras, as the oil firm is known, will sell eight refineries in seven different Brazilian states.

Under the terms of the deal, some of the assets cannot be acquired by the same buyer, the company added in the filing.

Petrobras will hire an external agent to make sure it follows the commitments made to CADE.

After the announcement, Petrobras shares added to early gains and were trading near session highs, with common stocks up 2.3% and preferred stocks rising 1.84%.

As MRC wrote previously, in October 2017, Petrobrasís minority stakes in Braskem and Deten Quimica was excluded from Petrobrasís divestment program, according to a government decree published in Brazilís 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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