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Petrobras extends period for companies to flag interest in buying its refineries

Brazil’s state-owned oil company Petroleo Brasileiro SA said that it would extend the deadline for parties to state their interest in buying four refineries it has put up for sale, based on high investor interest.

Petrobras, as the firm is known, extended the deadline to Sept. 16 for firms to enter the first phase of the sales process, it said in a securities filing. Investors then have until Sept. 27 to sign confidentiality and other agreements required to advance in the sales process.

The oil firm is selling its Abreu e Lima (RNEST), Landulpho Alves (RLAM), Presidente Getúlio Vargas and Alberto Pasqualini (REFAP) refineries and associated assets.

Together the four refineries represent 37% of Brazil’s refining capacity, according to Petrobras. The deal is expected to raise billions of dollars for the oil firm.

Reporting by Jake Spring, Editing by Rosalba O'Brien

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