situation report

Apr 29, 2019 | 19:01 GMT

1 min read

Brazil: Petrobras Looking to Sell 8 Refineries in Brazil

What Happened: Brazilian state-owned energy company Petroleo Brasileiro (Petrobras) is planning to sell eight refineries with 1.1 million barrels per day of installed refining capacity, or around 51 percent of the company's total domestic refining capacity, Argus Media reported April 29.

Why It Matters: The sale will provide an opportunity for foreign refiners to purchase a stake in Brazil's refining infrastructure and supply its vast domestic market with fuels and other refined products.

Background: Petrobras owns 13 refineries in Brazil that account for virtually all of Brazil's domestic refining capacity. The sale is part of a government push to sell Brazilian state assets worth billions of dollars to reduce public expenses.

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