Petrobras Asks Regulator for Renegotiation of Refinery Agreements

Reuters, November 28, 2023

Brazilian state-run firm Petrobras (PETR4.SA) has filed requests to Brazil's competition regulator Cade to renegotiate terms that stipulated the company must sell some of its oil refining and natural gas assets, the company said on Tuesday.

The terms, signed by the company in mid-2019, were part of a broad initiative by the government of then-president Jair Bolsonaro to reduce Petrobras' share in Brazil's oil and gas sector, opening the market for new companies with prospects of more investment.

Under the agreements with the regulator, the oil giant had committed to a time frame for selling off all its oil refineries outside the states of Rio de Janeiro and Sao Paulo, as well as its natural gas transportation and distribution assets.

In requests sent to the antitrust watchdog last Friday, Petrobras argued that its new strategic plan, unveiled last week, provides for extensive investments in these assets.

Petrobras told Cade its goal is to "act competitively and safely, maximize value capture by adapting and improving our industrial park and supply and logistics chain", as well as to seek self-sufficiency in the oil derivatives segment.

The regulator said in a statement that it does not comment on ongoing cases.

Reporting by Marta Nogueira; Writing by Peter Frontini; Editing by Sandra Maler

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