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LatinNews Regional Monitor: Brazil & Southern Cone - 29 April 2019

In brief: Brazil

* The executive board of Brazil’s state-owned oil company Petrobras has agreed on a new programme of divestments, with focus on the refinery and distribution branches of the company. Petrobras will sell eight refineries, which have a total refining capacity of 1.1m barrels per day (bpd), Pudsa, a network of service stations in Uruguay, and shares of its subsidiary Petrobras Distribuidora (BR), in which Petrobras currently holds a 71% majority stake. Petrobras notes that the divestment of its refineries is not only part of plans to focus its portfolio on higher-yielding assets, but also aims to increase the competitiveness and transparency of the refining industry in Brazil.