Brazilian antitrust watchdog may force Petrobras to sell refineries

SAO PAULO (Reuters) - Brazilian antitrust watchdog Cade will begin on an investigation that may result in mandatory sales of refineries by state-controlled oil company Petroleo Brasileiro SA, newspaper Valor Economico reported.

According to the paper, Cade is analyzing the influence of Petrobras on fuel prices. The company controls almost 100 percent of refining in the country. Cade and Petrobras did not immediately comment on the matter.

Petrobras has proposed earlier this year to sell a 60 percent stake in four refineries. But a truckers strike that pressured the company’s pricing policies spooked buyers, and a decision by Supreme Court Justice Ricardo Lewandowski forced the company to halt the sale process.

Reporting by Tatiana Bautzer; Editing by Chizu Nomiyama

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