Petrobras has signed an agreement with Brazil’s antitrust authority Cade, amending its natural gas and refining divestment deals. These deals, originally inked in 2019 during Jair Bolsonaro’s administration, aimed to reduce Petrobras’ dominant market position.
In a statement, Petrobras affirmed that the new obligations maintain the agreements’ original objective: preserving competitiveness in the refining market. As part of its commitments, Petrobras has published guidelines for marketing crude oil to third parties for sea delivery. These guidelines ensure competitive prices aligned with the international market and prioritize economic results to maximize value generation.
Petrobras highlighted that deal approvals should consider market references, such as the counterparty’s supply alternatives and Petrobras’ opportunity costs. The company committed to offering independent refineries in Brazil a minimum volume of oil for sea delivery during monthly negotiations, without an obligation to purchase from Petrobras.
The new agreement also requires Petrobras to provide Cade with information verifying the non-discriminatory nature of crude oil sales to third parties and the company’s commercial strategy for selling oil derivatives.
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With the amendment, the sales of the Abreu e Lima (RNEST), Presidente Vargas (Repar), Gabriel Passos (Regap), Alberto Pasqualini (Refap), and Lubrificantes e Derivados do Nordeste (Lubnor) refineries were canceled. In the natural gas sector, the obligation to sell Transportadora Brasileira Gasoduto Bolívia-Brasil (TBG), operator of the Bolivia-Brazil gas pipeline (Gasbol), was terminated.
Cade’s decision, officially technical, reflects the strategic shift in Brazil’s energy sector under President Luiz Inácio Lula da Silva, who took office in January 2023.
