Brazil’s downstream oil market is, at long last, headed for a fully competitive environment. This is the result of an agreement entered between Petrobras and antitrust authority CADE under which the state-owned oil company is to sell control over refineries representing half of its refining capacity. However, as the Bolsonaro administration has replaced the CEO of Petrobras amidst discomfort over the company’s pricing policies, doubts have now emerged as to whether the divestment plan will proceed.

This edition of LS Brazil Outlook discusses key aspects relating to this debate and the uncertainties surrounding the immediate future of Petrobras and the Brazilian downstream oil industry. 

On this issue | March 2021

Is the oil really ours?

Is the oil really ours?

The sale of some of Petrobras’s oil refineries will lead to an increase in competition in downstream markets. Will it also allow for lasting arrangements designed to mitigate volatility of fuels prices in Brazil?

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Petrobras, CADE and the divestment of oil refineries

Petrobras, CADE and the divestment of oil refineries

Petrobras’s settlement agreement with CADE to sell 50% of its oil refining capacity is yet to be implemented. Will CADE be able to enforce this landmark deal?

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The revolution in Brazilian fuel markets

The revolution in Brazilian fuel markets

Petrobras’s announced divestment of 8 of its oil refining plants will have lasting effects in the Brazilian downstream market. Our guest author Winston Fritsch, of Struttura Project Development and Finance, discusses the expected impact of this...

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Petrobras: change in command raises uncertainty with respect to divestment plans

Petrobras: change in command raises uncertainty with respect to divestment plans

The change in command at Petrobras has led to speculation as to whether the company’s programmed divestment of its refineries will still be pursued. This article summarizes what we know about where the divestment plan stands today.

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