Brazil: Chinese and Emirati firms bid on refineries

China’s oil giant Sinopec, Abu Dhabi’s Mubadala Investment Company and two Brazilian firms including a joint venture of Shell, have been picked to submit binding bids for four refineries that Brazil’s state-oil firm Petrobras is selling, Reuters reported on Friday.

In late April, Petrobras approved the sale of eight refineries as part of its divestment plan.

The eight refineries have a combined capacity of 1.1 million bpd, and all eight sales could generate as much as US$18 billion, according to bankers involved in the privatization.

Petrobras launched the binding phase of the sale of four refineries out of eight that it has earmarked for divestment.

Brazil’s competition regulator CADE has made Petrobras change its divestment process so that one company could not buy the two largest refineries in a single region of the country.

Full Content: Reuters

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