Bloomberg/Jonathan Drakeby Kudakwashe Muzoriwa
Abu Dhabi's Mubadala Investment Company has been selected to bid for refineries put up for sale by Brazil’s Petroleo Brasileiro (Petrobras), reported Reuters.
Petrobras selected Sinopec, Mubadala Investment Company and Brazil's Ultrapar Participações and Raizen to go through to the second round of bidding for four refineries up for sale.
The state-owned oil company received non- binding offers in early November 2019 for the first block of refineries it plans to sell.
Mubadala and China's Sinopec plan to bid for RLAM, Brazil's oldest refinery, in the northeastern state of Bahia. RLAM needs significant renovations and Sinopec is interested in forming a consortium with a Chinese construction company.
Additionally, Mubadala is expected to structure a deal involving Spain’s Cepsa, which has Mubadala and Carlyle Group as investors.