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.
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
BHP Unveils £31bn Mining Megamerger Proposal with Anglo American
Apr 25, 2024 by
nhoch@pymnts.com
ByteDance Prefers Shutdown Over Sale of TikTok Amid US Ban Threats
Apr 25, 2024 by
CPI
FCC Votes to Restore Net Neutrality Rules
Apr 25, 2024 by
nhoch@pymnts.com
Apple Rejects Spotify’s Updated App Over In-App Pricing Disclosure
Apr 25, 2024 by
CPI
FCC Set to Reinstate Net Neutrality Rules Today
Apr 25, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI