CADE extends timetable for Petrobras' sale of refineries

On 23 March 2022, the Tribunal of the Administrative Council for Economic Defense (CADE) extended the term for Petrobras to dispose of its refinery. The measure is part of the commitments of a cease and desist agreement executed with CADE to promote competition in the oil refining market.

The timetable review changes the deadlines for Petrobras' sale of assets. The state-owned company sent the authority a request for adjusting the terms for divestiture on the grounds of the difficult internal and external economic context and the developed state of sale negotiations.

After assessing each refinery's divestiture status, the economic context, and the market context as to market openness, the Tribunal of CADE concluded Petrobras' request is well reasoned and shown to be suitable to achieve the long term goals of the cease and desist agreement. Thus, the authority granted Petrobras the time extension to execute sale agreements with potential buyers.

Access to the new timetable is restricted to the parties so as not to hinder the negotiation of the assets.

Access Agreement Application no. 08700.002715/2019-30.