Global Infrastructure Partners (GIP) is planning a joint bid with Raízen for refineries put on the block by Petróleo Brasileiro S.A. - Petrobras (BOVESPA:PETR4), two sources with knowledge of the matter said. Binding bids for the largest four refineries are expected for early March, and must be presented with the final composition of the groups, the sources added, seeking anonymity because they were not authorized to disclose the talks. Since November, when Petrobras selected four groups to deliver binding offers for the first four refineries, companies interested have been in talks to form consortia.

The groups that went to the second phase are Ultrapar Participações S.A. (BOVESPA:UGPA3), Raizen, Mubadala Investment Company PJSC and China Petroleum & Chemical Corporation (SEHK:386). Ultrapar and Mubadala are still in talks with potential partners, but no agreement has been reached yet, people with knowledge of the matter said. Sinopec is planning to present a bid alone.

Raizen and GIP declined to comment on the matter.