• 2 minutes California to ban gasoline for lawn mowers, chain saws, leaf blowers, off road equipment, etc.
  • 6 minutes China and India are both needing more coal and prices are now extremely high. They need maximum fossil fuel.
  • 11 minutes Europeans and Americans are beginning to see the results of depending on renewables.
  • 2 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 10 hours Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 8 mins "A Very Predictable Global Energy Crisis" by Irina Slav --- MUST READ
  • 4 hours Two Good and Plausible Ideas about Saving Water and Redirecting it to Where it is Needed.
  • 1 day Did China cherry-pick the factors that affected the economic slow-down?
  • 4 hours "Here is The Hidden $150 Trillion Agenda Behind The "Crusade" Against Climate Change" - Zero Hedge re: Bank of America REPORT
  • 7 hours Are you aware of Oil Price short videos on our energy topics?
  • 12 hours Is China Rising or Falling? Has it Enraged the World and Lost its Way? How is their Economy Doing?
  • 15 hours NordStream2
  • 4 days U.S. : Employers Can Buy Retirement Security for $2.64 an Hour
  • 410 days Class Act: Bet You've Never Seen A President Do This.
  • 4 days Forecasts for Natural Gas
  • 4 days Australia sues Neoen for lack of power from its Tesla battery
  • 4 days Nord Stream - US/German consultations
Libya's Election Is All About Oil Money

Libya's Election Is All About Oil Money

The looming election in Libya…

Glencore, Aramco, CNPC Among Bidders For Petrobras Refineries

The world’s top commodity traders along with several oil majors are among the bidders for eight refineries that the Brazilian government wants to privatize, Reuters reports, citing unnamed sources.

Glencore, Trafigura, and Vitol are all among the bidders, and so are Chinese CNPC and Sinopec, as well as Saudi Aramco, which has been working on building its downstream footprint internationally.

The eight refineries have a combined capacity of 1.1 million bpd and the first bidding round, to take place in October, will be for four of them. All eight sales could generate as much as US$18 billion, according to bankers involved in the privatization.

However, they will likely all be sold to different buyers as ordered by competition regulator CADE. The watchdog made Petrobras change its divestment process so that one company could not buy the two largest refineries in a single region of the country.

The deal is part of a privatization drive launched by the new right-wing government of Brazil, which also involves a partial or full privatization of Petrobras itself. In January, the secretary of privatization, Salim Mattar, said that Petrobras should sell most of its 36 subsidiaries as part of the government’s plan to generate US$20 billion from state companies’ asset sales this year.

There was talk about a full privatization of the oil giant soon after Bolsonaro came into power, but the president himself denied there were such plans. Interestingly, he appointed one of the proponents of a full privatization for Petrobras as chief executive of the company.

Since he took the helm, Roberto Castello Branco has ruled out a full privatization but he has started a divestment program that should slim down Petrobras’ business and its debt pile. Now, it’s other government officials talking about a full privatization, and one that should take place by 2022, when Bolsonaro’s term in office ends.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News