Petrobras Wants Refineries Back

By Daniel Bland, September 2024

Lubes N Greases

Petrobras is negotiating to regain ownership of the Landulpho Alves refinery and reverse the Bolsonaro-era sell-off of state assets to pay down billions of national debt and fill state coffers.

Under ex-president Jair Bolsonaro, Petrobras agreed with local antitrust agency CADE to sell off eight refineries to help increase Brazil’s production of petroleum derivatives, heighten competition and reduce the price of gasoline.

These goals are being questioned by President Lula da Silva’s administration. A Ministry of Mines and Energy study found that the privatization program had not brought to the public the benefits that were promised. ?Read more here...