SÃO PAULO—Petrobras, the state-controlled oil company, disclosed on Monday that it is currently assessing the possibility of repurchasing the refineries it had previously sold in recent years.
Brazil’s Mining and Energy Minister, Alexandre Silveira, emphasized last week that it is crucial for Petrobras to engage in negotiations for the buyback of these refineries. The aim is to safeguard Brazil’s fuel supply and secure better prices for consumers.
However, Petrobras clarifies that any decision regarding the repurchase will be made following the necessary planning and approval processes mandated by the company. The statement was reported to Brazil’s market regulator.
During the tenure of former President Jair Bolsonaro, Petrobras made the decision to sell these refineries as part of an initiative to enhance competition and enable the oil company to focus more on amplifying production from its lucrative offshore fields.
Nevertheless, since President Luiz Inácio Lula da Silva’s administration appointed new managers, numerous planned asset sales of Petrobras have been canceled. These cancellations have materialized after a thorough update of the company’s strategic plan.