Brazil's Petroleo Brasileiro SA drew plaudits from investors last month for...
RIO DE JANEIRO - Brazil’s Petroleo Brasileiro SA drew plaudits from investors last month for announcing a plan to sell off eight of its refineries in a process the company says could fetch some $15 billion.
That’s because the company is hanging onto its refineries in the states of Sao Paulo and Rio de Janeiro, home to over 60 million Brazilians. They collectively process about 1.1 million barrels of oil per day, according to Brazil’s oil regulator, about half of the company’s total capacity. It added that four of the five refineries it will retain are integrated by pipelines and other infrastructure, making the sale of individual assets difficult. In addition, the facilities’ proximity to Brazil’s prolific Campos and Santos offshore oil basins supports its view that they are strategic, Petrobras added.
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