Petrobras board approves refinery sale for $1.65 bn

The board of directors of Petrobras on Wednesday approved the sale of the Landulpho Alves Refinery (Rlam) and its associated logistics assets, in Bahia, to Mubadala Capital, for $1.65 bn, the company said in a fact to the market. The company also said that the Rlam refinery will be the first among the eight that are in the sale process to have the contract signed. In the ongoing divestment process, the company seeks to get rid of about half of the country’s refining capacity.

Source: R7 Economia