Petrobras' Plans to Shake Up Brazil's Refining Market

  • ID: 4542521
  • Report
  • Region: Brazil
  • Wood Mackenzie
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Petrobras plans to sell majority stakes in four refineries with a total capacity close to 850 kb/d. By splitting Brazil into five regional hubs Petrobras hopes to foster regional competition and reduce the risk that refined product price controls are reinstated in the future. The Northeast and Southern hubs, equivalent to 25% of the market, would be controlled by the new investors. The plan also opens the door for investment to improve operating performance, particularly in the RNEST and RLAM refineries. This proposal is part of a broader divestment and business realignment strategy. Downstream divestments will further reduce leverage and increase the company's E&P weighting
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