Brazilian Regulator OKs Petrobras Refinery Sale To Mubadala

Brazilian antitrust body CADE approved the sale of refinery RLAM to the UAE’s investor Mubadala Investment Company, according to a notice in the official gazette.

The deal was announced in March for US$1.65 billion. RLAM is the first of eight Petrobras refineries on the block to be sold.

Petrobras had agreed in 2019 to sell its refinery assets as a condition to close a probe on antitrust allegations that it was abusing its dominant business position in the refining market. The company agreed to sell eight refineries, including the fuel transportation infrastructure.

That same year, Petrobras also agreed to divest from natural gas assets, to end separate investigations that alleged anticompetitive behavior. Both agreements intend to bring new players into the markets, currently dominated by the state-controlled company.

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