Brazil’s state-owned Petroleo Brasileiro S.A. (Petrobras) is getting into exclusive talks with Abu Dhabi’s investment fund Mubadala Investment Co. on the purchasing tender of Brazil’s second-biggest refinery Rlam in Bahia.
Previously, sources close to the negotiations said that Mubadala had the lead against India’s Essar Group’s competition to acquire the refinery. In a filing, Petrobras confirmed that Mubadala had put in the best offer and was invited for negotiations for several weeks.
The sources also said that if the contract to change significantly, Petrobras would hold a second bidding round based on price.
the 330,000 bpd Rlam refinery is the first refinery that Petrobras plans to sell out of eight.
