The emblem of Brazil’s state-run Petrobras oil firm is seen on a tank in at Petrobras Paulinia refinery in Paulinia, Brazil July 1, 2017. REUTERS/Paulo Whitaker
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SAO PAULO, May 13 (Reuters) – Brazil’s antitrust watchdog CADE mentioned on Friday that the sale of state-run oil firm Petrobras’ (PETR4.SA) Reman refinery to gasoline distributor Atem was permitted with no restrictions.
Reuters had reported the regulator’s approval of the deal on Thursday, citing sources. learn extra
Petroleo Brasileiro SA, as the corporate is formally recognized, had introduced in August 2021 an settlement to promote the refinery, which is situated within the northern state of Amazonas, for $189.5 million. learn extra
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The sale nonetheless wanted to be permitted by CADE. Reman is one of eight refineries the corporate has put up for sale as half of a 2019 settlement with the antitrust regulator to reinforce competitors in Brazil’s oil refining sector.
CADE mentioned in an announcement that the approval got here as its basic superintendence thought-about that Atem wouldn’t be capable of take in all of Reman’s gasoline and diesel output by itself, including that the corporate may also look to increase the plant’s manufacturing.
“No incentive was found for Atem to close distribution to competitors, given that there is a high investment in the refinery that will need to be recovered and other alternatives for distributors to source their products,” CADE mentioned.
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Reporting by Gabriel Araujo; modifying by Jason Neely
Our Standards: The Thomson Reuters Trust Principles.
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