Petrobras breaks off refinery talks with Ultrapar

Petrobras breaks off refinery talks with Ultrapar

M&A Energy Gas Oil Brazil

Brazil's state-owned oil company Petrobras has called off talks to sell a refinery to local conglomerate Ultrapar, saying the two sides did not reach an agreement after months of negotiations. "As a result, Petrobras will timely start a new competitive process for this refinery," the company said in a securities filing on Friday. Petrobras announced in January that it had entered discussions with Ultrapar to sell the Refinaria Alberto Pasqualini (Refap) in the southern state of Rio Grande do Sul

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