LatinNews Daily - 26 May 2022

In brief: Brazil’s Petrobras sells refinery in Fortaleza

* The Brazilian state-controlled oil company Petrobras has signed a contract to sell its refinery Lubrificantes e Derivados de Petróleo do Nordeste (Lubnor) to the company Grepar Participações Ltda for US$34m. Lubnor, located in the city of Fortaleza, Ceará state, has a processing capacity of 10,400 barrels per day, according to Petrobras, and is a leading Brazilian producer of asphalt and naphthenic lubricants. Outgoing Petrobras president José Mauro Ferreira Coelho (whose replacement by Caio Mário Paes de Andrade was announced on 23 May) described the sale as “an important moment in the management of Petrobras’ portfolio and for the opening of the refining market in the country.” He said that offloading Lubnor would “contribute towards building a more dynamic market, with more competition between agents, more choices for consumers, more investors and more investments.”

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