Petrobras ends REGAP refinery deal talks with no sale

Petróleo Brasileiro SA (Petrobras) closed the process for the sale of Gabriel Passos refinery (REGAP) at Betim, Minas Gerais, Brazil, and will evaluate when to start a new process after receiving a binding proposal that was below the operator’s economic and financial evaluation, the company said in a release Nov. 17.

Details about who made the offer were not disclosed.

The company had initiated the binding phase related to the sale of the 166,000-b/d REGAP refinery and associated logistical assets in December 2019 (OGJ Online, Dec. 23, 2019).

Assets associated with the Regap refinery—which makes up 7% of Brazil’s total refining capacity—include over 720 km of pipelines, according to the operator.