Petrobras headquarters in Rio de Janeiro, Brazil
Petrobras refinery sales stutter
Pledge to divest half of the company’s refining capacity by year-end is starting to look doubtful
Brazilian state oil company Petrobras has terminated the sale of its Alberto Pasqualini (Refap) refinery, in the state of Rio Grande do Sul, after negotiations with fuel distribution conglomerate Ultrapar broke down. The refinery sale is the third downstream deal to fall through since the NOC pledged to offload half of its refinery capacity in 2019. The divestment process for the 208,000bl/d Presidente Getulio Vargas (Repar) refinery fell apart after bidding fell short of the asking price. In Amazonas state, the smaller Abreu e Lima (RNEST) refinery failed to attract significant bidders, forcing Petrobras to restart the sales process on both facilities. Collapsed talks leave Petrobras having
Also in this section
23 January 2026
A strategic pivot away from Russian crude in recent weeks tees up the possibility of improved US-India trade relations
23 January 2026
The signing of a deal with a TotalEnergies-led consortium to explore for gas in a block adjoining Israel’s maritime area may breathe new life into the country’s gas ambitions
22 January 2026
As Saudi Arabia pushes mining as a new pillar of its economy, Saudi Aramco is positioning itself at the intersection of hydrocarbons, minerals and industrial policy
22 January 2026
New long-term deal is latest addition to country’s rapidly evolving supply portfolio as it eyes role as regional gas hub
