Petrobras has Cade’s approval to sell the RLAM refinery to the Mubadala group

Petrobras has the approval of the Brazilian antitrust agency for the sale of its Landulpho Alves (RLAM) refinery, in Bahia, to Mubadala Investment Company, a sovereign fund of the Abu Dhabi government.

The Administrative Council for Economic Defense (Cade) approved the transaction without restrictions, according to a publication in the Federal Official Gazette this Wednesday (06/09).

Petrobras announced at the end of March that it had closed a US$1.65 billion deal with Mubadala for RLAM, the first of eight refineries placed on the market by the state-owned company.

The operation was questioned at the Federal Court of Accounts (TCU) on accusations that the operation had been closed at below market values, but the court dismissed a complaint in this regard.

Apparently, Cade highlighted that the Mubadala group does not operate in the refining sector in Brazil, which makes the transaction can be seen as pro-competition, “for generating de-concentration in the petroleum products sector”.

The agency also recalled that the negotiation of the refinery met a term (TCC) signed between Cade and Petrobras aiming to reduce the state’s dominant position in the refining sector.

Under this agreement, Petrobras has until the end of the year to complete the divestments announced in the refining sector.

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