Petrobras Says No Decision on Possible Repurchase of Refineries

By Jeffrey T. Lewis

SÃO PAULO--Petróleo Brasileiro said Monday it has made no decisions on the possibility of repurchasing refineries the state-controlled oil company sold in recent years.

Brazil Mining and Energy Minister Alexandre Silveira said last week that Petrobras, as the company is known, should negotiate the purchase of the refineries to ensure Brazil's fuel supply and better prices for consumers.

Any such decision would only be made after going through the planning and approval process required of the company, Petrobras said in a statement to Brazil's market regulator.

Petrobras sold the refineries during the government of former President Jair Bolsonaro to help boost competition and so the oil company could focus more on increasing production from its rich offshore fields.

Managers appointed by President Luiz Inácio Lula da Silva's administration have canceled many of Petrobras's planned asset sales after updating the company's strategic plan.

Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.com

(END) Dow Jones Newswires

October 02, 2023 11:36 ET (15:36 GMT)

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