The Brazilian Administrative Council for Economic Defense (CADE) has approved the sale of RLAM refinery to Mubadala Capital, Petrobras declared in a statement.
According to the statement, the transaction is still subject to the elapse of the 15-day period imposed by Law 12,529/11.
In February, Petrobras announced that it intends to sell RLAM to Mubadala for an amount of $1.65 billion and the deal was pending for the approval of the authorized entities and in March, the two companies disclosed that they had signed a contract for implementing the transaction.
RLAM refinery is located in São Francisco do Conde in the state of Bahia. It has a processing capacity of 333,000 barrels per day (b/d) which represents 14% of Brazil’s total oil refining capacity.
Brazil’s CADE Approves Sale of RLAM Refinery to Mubadala
Fatma Ahmed 1985 Posts
Fatma Ahmed is a staff writer with six years’ experience in Journalism. She is working in the field of oil and gas for four years. She also worked in the field of economic journalism for 2 years. Fatma has a Bachelor Degree in Mass Communication.
