Brazil minister: Petrobras to sell all eight refineries under deal

Brazil’s Minister of Mines and Energy Adolfo Sachsida said he is convinced Petrobras will sell all the refineries listed in the divestment plan, therefore honoring the agreement with the country’s Administrative Council of Economic Defense (CADE). The Mataripe and Isaac Sabbá refineries have already been sold, he pointed out.

“This reduces the concentration of this market from 98 to 80 percent. I am sure that Petrobras will do everything to comply with the agreement with CADE and sell all the refineries covered by the agreement,” he added at the opening of the 20th Rio Oil & Gas, the largest event of the sector in Latin America, on Monday (Sep 26).

The agreement signed between CADE and Petrobras in 2019 stipulates that the oil giant is to sell eight refineries, reducing the state-owned corporation’s refining activities in Brazil.

Also during the meeting, the minister encouraged investment in the Cédula de Produto Rural Verde (“Green Rural Product Bond”), a credit instrument created to finance reforestation and the maintenance of native vegetation in rural properties. The resulting assets may be used in environmental projects, he noted. “This already exists. You can buy under any environmental service—in other words, you preserve the environment and bring gains to your company, so it’s a good idea to learn more about this,” he recommended.