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Lula: Petrobras to Seek Buyback of Mubadala Refinery

Source: reuters.com

Brazil's President Lula says Petrobras will try to buy back a refinery it sold to Mubadala.
The refinery is in Bahia state and was sold in 2021 during the pandemic at a possible discount.
Petrobras wants a deal that's economically viable, possibly at the original price plus interest.

Brazil's President Luiz Inacio Lula da Silva announced that state-run oil company Petrobras plans to repurchase the Mataripe refinery in Bahia from Abu Dhabi's Mubadala fund. The refinery was sold in 2021 under the previous government as part of efforts to focus on oil exploration. This move signals Lula's push to reverse past asset sales and boost Brazil's fuel production control.