At a year-end breakfast in Rio de Janeiro this morning, Petrobras announced a bit of pre-holiday housekeeping to help set the stage for the expansion planned over the next few years. The Brazilian state-controlled oil company will pay $850m to buy back complete control of the Refap refinery, Brazil’s fifth-largest, from Repsol.
The Spanish group is selling back its 30 per cent stake in the refinery to Petrobras for $350m, who will also take on $500m of debt to acquire full control. The purchase will allow Petrobras to press forward with new investments, as well as increase synergies, said Paulo Roberto Costa, supply director at Petrobras.
