Economy

Petrobras to reduce share in oil refinement in Brazil

The state-owned giant currently controls 99% of the activity

Vinícius Lisboa

Published on 19/04/2018 - 20:20

Rio de Janeiro

Petrobras may reduce its share in oil refinement in Brazil to 75%. Today, the government-controlled giant controls 99% of the activity, with 13 refineries. The search for partners in refinement was planned in the firm’s Strategic Planning and its 2018–2022 Business and Management Plan, strengthen by its 2018–2022 edition.

During a seminar held Thursday in Rio de Janeiro, Petrobras CEO Pedro Parente said the proposal is yet to be confirmed and was submitted for discussion due to the importance of fuel supply in Brazil.

“The final model is not important just for Petrobras—it’s important for the country as a whole,” Parente said. He stated that partnerships are key to add value to the company.

Initially Petrobras is expected to forge partnerships in two refineries in the Northeast and two others in the South. In each one of them, the partner is to hold 60%, and Petrobras 40%.