Petróleo Brasileiro S.A. - Petrobras (BOVESPA:PETR4) has reported that it is in negotiations with Ultrapar Participações S.A. (BOVESPA:UGPA3) for the sale of the Refinarai Alberto Pasqualini (Refap) refinery in Rio Grade do Sul. Petrobras has clarified that it has received a binding offer for the sale, which resulted in exclusive negotiations with Ultrapar. The company has also stated that it is currently considering the binding offers received for the Repar refinery in Parana, and is waiting on final offers for the RLAM refinery in Bahia.

Offers have also been received for the three other refinery units in Amazonas, Ceara and Parana, with negotiations taking place, whilst offers for the Rnest refinery in Pernambuco and the Regap refinery in Minas Gerais are expected in the first quarter 2021.