According to Reuters’, the binding offers are expected to be delivered by mid-January. All together, these four refineries have a capacity of around 900,000 barrels a day (b/d) and represent more than a third of Brazil’s total refining capacity.

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Ultrapar and Raízen may possibly deliver bids for REFAP, REPAR, and RNEST.China’s Sinopec and Mubadala, reportedly plan to bid for RLAM.

It is reminded that early in November, Petrobras, received non- binding offers for the first block of refineries it plans to sell. The company has now selected the groups that will progress to the second round; notably, late in November, Petrobras announced that it had moved to the ‘binding phase’ for the sale of the refineries: Abreu e Lima (RNEST) in Pernambuco, Landulpho Alves (RLAM) in Bahia, Presidente Getúlio Vargas (REPAR) in Paraná and Alberto Pasqualini (REFAP) in Rio Grande do Sul.

What is more, a second block of four smaller refineries – which collectively have a capacity of around 200,000 b/d – is expected to be put up for sale next year.

Petrobras is expected to become the world's largest oil producer by 2030, as it gained full control of more than eight billion barrels of oil in the Buzios field, where a sixth floater being planned, according to Rystad Energy’s latest data and forecasts.

Specifically, despite the negative oil auctions in November, Petrobras managed to take control of a number of barrels, followed by a $70 billion offshore capital investment spree between 2020 and 2025, solely on field development. This program will have a monumental effect on the company.