Brazil's Petrobras sells REMAN refinery, RNEST finds no buyers

A man walks in front of the headquarters of Petroleo Brasileiro S.A. (Petrobas) in Rio de Janeiro
A man walks in front of the headquarters of Petroleo Brasileiro S.A. (Petrobas) in Rio de Janeiro, Brazil March 9, 2020. REUTERS/Sergio Moraes

RIO DE JANEIRO, Aug 25 (Reuters) - Brazil's state-run oil company Petrobras said on Wednesday it has signed a contract to sell the REMAN refinery in the northern state of Amazonas for $189.5 million to Ream Participações S.A., a subsidiary of distributor Atem.

In a separate filing, however, the company formally known as Petroleo Brasileiro SA (PETR4.SA) said it had failed to secure a buyer for the Abreu e Lima (RNEST) refinery after the interested firms declined to offer a bid. Petrobras said it would end the sale process, and analyze its next steps.

For the REMAN refinery, the second it has agreed to sell of eight that were put up for sale, Petrobras said it would receive $28.4 million upfront with the rest paid when the deal closes. The sale still needs to be approved by competition regulator CADE. Petrobras said it will continue to run the refinery until the deal is completed.

The REFAP, REGAP, LUBNOR, and SIX units are still trying to attract buyers, Petrobras said.

Reporting by Gabriel Stargardter; editing by Stephen Eisenhammer and Grant McCool

Our Standards: The Thomson Reuters Trust Principles.

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