Brazil’s antitrust watchdog approves sale of Petrobras refinery -sources

Author of the article: SAO PAULO/RIO DE JANEIRO — Brazil’s antitrust watchdog CADE has approved the sale of state-run oil company Petrobras’ Reman refinery to Atem, two sources familiar with the matter said on Thursday. Petroleo Brasileiro SA, as the company is formally known, had announced in August 2021 a deal to sell the refinery,…
Brazil’s antitrust watchdog approves sale of Petrobras refinery -sources

Author of the article:

SAO PAULO/RIO DE JANEIRO — Brazil’s antitrust watchdog CADE has approved the sale of state-run oil company Petrobras’ Reman refinery to Atem, two sources familiar with the matter said on Thursday.

Petroleo Brasileiro SA, as the company is formally known, had announced in August 2021 a deal to sell the refinery, which is located in the northern state of Amazonas, for $189.5 million.

The sale still needed to be approved by CADE, which last month said the transaction was “complex” and would require further analysis. Reman is one of eight refineries the company has put up for sale.

Newspaper O Globo had previously reported CADE’s green light, saying an official announcement was expected later in the day and the deal was approved by the competition regulator with no restrictions.

Petrobras did not immediately respond to a request for comment. (Reporting by Rodrigo Viga Gaier in Rio de Janeiro, Gabriel Araujo in Sao Paulo and Carolina Pulice in Mexico City; Editing by Bill Berkrot and Chris Reese)

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