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Agreement Between Petrobras and Cade Provides for the Sale of Eight Oil Refineries

Written by Paulo Nogueira

Published on 12/06/2019 at 01:00

Updated on 12/06/2019 at 09:03

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Proposed Agreement by Petrobras Ends Investigation by the Council Regarding Alleged Economic Abuse by the State-Owned Company in the Oil Refining Market.

Petrobras signed a Commitment Term of Cessation (TCC) with the Administrative Council for Economic Defense (CADE) on Tuesday, June 11. The state-owned company must sell eight oil refineries, including fuel transportation assets, for the administrative inquiry of the agency investigating abuse of position to be suspended.

The measure aims to stimulate competition in the national refining market, which has so far been almost entirely explored by Petrobras, through the entry of new players who would attract investments to the sector.

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Paulo Nogueira

The agreement determines the sale of the following units:

Abreu e Lima Refinery in Pernambuco;
Shale Industrialization Unit and Presidente Getúlio Vargas Refinery, both in Paraná;
Landulpho Alves Refinery in Bahia;
Gabriel Passos Refinery in Minas Gerais;
Alberto Pasqualini Refinery in Rio Grande do Sul;
Isaac Sabbá Refinery in Amazonas;
Northeast Lubricants and Oil Derivatives Refinery in Ceará.

Currently, the company holds a 98% market share in this segment, with competition primarily coming from imports and companies with low representation in Brazilian territory.

The commitment stipulates that the so-called “divestment” of the refineries must be completed by December 31, 2021, considering the prohibitive circumstances provided in the term.

Operations must be notified to CADE for a detailed competitive analysis of the acquisition, as long as submissions are legally required. With information from CADE’s Press Advisory.

Learn about the Petrobras companies authorized for sale by the STF this Friday, June 7

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Paulo Nogueira

Eletrotécnica formado em umas das instituições de ensino técnico do país, o Instituto Federal Fluminense - IFF ( Antigo CEFET), atuei diversos anos na áreas de petróleo e gás offshore, energia e construção. Hoje com mais de 8 mil publicações em revistas e blogs online sobre o setor de energia, o foco é prover informações em tempo real do mercado de empregabilidade do Brasil, macro e micro economia e empreendedorismo. Para dúvidas, sugestões e correções, entre em contato no e-mail informe@en.clickpetroleoegas.com.br. Vale lembrar que não aceitamos currículos neste contato.

Agreement Between Petrobras and Cade Provides for the Sale of Eight Oil Refineries

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Agreement Between Petrobras and Cade Provides for the Sale of Eight Oil Refineries

Proposed Agreement by Petrobras Ends Investigation by the Council Regarding Alleged Economic Abuse by the State-Owned Company in the Oil Refining Market.

Major Oil, Gas, and Energy Event Will Take Place in Brazil: Macaé Energy Will Gather Petrobras, Equinor, Prio, Among Other Suppliers and Energy Executives for Business, Networking, and Employment Opportunities

The agreement determines the sale of the following units:

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A new Brazilian shopping center worth R$ 400 million will be built in an area equivalent to more than 4 football fields, featuring 90 stores, 5 cinemas, a supermarket, a college, and parking for 1,700 cars, potentially generating 3,000 jobs.

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