Petrobras wrapping up due diligence to buy back refinery from Mubadala, sources say [Yahoo! Finance Canada]
![Yahoo! Finance Canada](../../../Content/images/providers/Yahoo! Finance Canada.png)
Petroleo Brasileiro S.A.- Petrobras American Depositary Shares (PBR.A)
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Source: Yahoo! Finance Canada
By Luciana Magalhaes and Marta Nogueira RIO DE JANEIRO (Reuters) - Brazil's state-run oil company Petrobras is wrapping up due diligence for a bid on the Mataripe refinery it sold to Abu Dhabi sovereign fund Mubadala for $1.65 billion in 2021, three people familiar with the matter told Reuters. President Luiz Inacio Lula da Silva campaigned against the sale of Petrobras refineries and has pushed for the company to accelerate job-creating investments in the segment. However, an agreement on the structure and price of a possible buyback has not been reached, said people involved in the talks. Those discussions could delay the deal, which has been in the works for several months, given that the refinery, also known as RLAM, was sold below market value by some accounts. ADVERTISEMENT Brazil's Comptroller General found that Petrobras may have sold the refinery at a discount during the COVID-19 pandemic. The union-backed Institute for Strategic Studies in Oil, Natural Gas and Bio
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