June 11, 2019 / 7:15 PM / a year ago

Petrobras signs deal with Brazil regulator for sale of refining assets

SAO PAULO, June 11 (Reuters) - Brazil’s state-controlled oil company Petroleo Brasileiro SA said on Tuesday it has signed a deal with local antitrust regulator CADE regarding the proposed sale of some of its refining installations.

According to a securities filing, the company said the agreement will allow for increased competition in Brazil’s refining sector, by attracting new players to the business. Petrobras, as the oil firm is known, will sell eight refineries in Brazil. Under the terms of the deal, some of the assets cannot be acquired by the same buyer. (Reporting by Gabriela Mello; Editing by Sandra Maler)

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