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Brazil’s Lula advised to buy back Petrobras refineries

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Brazil’s Lula advised to buy back Petrobras refineries

© Reuters. FILE PHOTO: A logo of Brazil’s state-run Petrobras oil company is seen at its headquarters in Rio de Janeiro, Brazil October 16, 2019. REUTERS/Sergio Moraes

(Reuters) – An oil and gas industry study commissioned by the campaign of former President Luiz Inacio Lula da Silva for the October elections will recommend bolstering Petrobras’ refining capacity, including the reversal of refinery privatizations, one of the study’s authors told Reuters.

The study also proposes new investments and the resumption of refinery projects abandoned by Petrobras after the state-run oil company decided to focus on production from the pre-salt fields as it recovered from the Car Wash corruption scandal.

Among the proposals is the possibility of Petrobras regaining ownership of the Bahia refinery, the largest refining asset sold in 2021 by the company, now owned by Acelen of the Mubadala group, said William Nozaki, on the Workers Party team advising Lula on Petrobras affairs.

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