AlwaysFree: Petrobras Fails To Find Buyer For RNEST Refinery

Brazil’s state oil company Petrobras said it had failed to find a buyer for the Abreu e Lima Refinery (RNEST). Petrobras said it would end the sale process after interested firms declined to offer a bid. It will also analyze its next steps for the refinery. Previously, Petrobras agreed to sell the REMAN refinery for $189.5 million to Ream Participacoes S.A. Currently, the company is in the sale process for the REFAP, REGAP, LUBNOR, and SIX refineries. Petrobras has also hired JPMorgan Chase & Co as an advisor to divest its stake in petrochemical maker Braskem SA.