Petrobras calls off refinery sale

Petrobras calls off refinery sale

Corporate & Sovereign Strategy M&A Brazil Capital Markets Energy Oil

Brazil's state-owned oil company Petrobras has suffered a setback in its efforts to sell eight refineries by October this year after it did not receive any binding offers for a major refinery in the northeast. Interested parties declined to submit proposals for the Refinaria Abreu e Lima (RNEST) in the state of Pernambuco, and Petrobras said it would halt the sale process and "evaluate its next steps," according to a securities filing on Wednesday. The state-owned company asked for bids for RNES

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