SAO PAULO, April 28 (Reuters) - Brazil's antitrust authority
CADE said Wednesday it had postponed deadlines for divestitures
by state-controlled oil company Petroleo Brasileiro SA,
including its refineries, natural gas pipelines and its stakes
in natural gas distribution companies.
Refineries Isaac Sabba, REFAP and Lubnor may be sold by July
31st. The sale of RNEST, SIX and REGAP needs to be concluded by
Oct. 30 and REPAR needs to be sold by Dec. 31.
The new deadlines were requested by the company, known as
Petrobras, which argued the COVID-19 pandemic delayed the sale
processes. CADE agreed on Wednesday to postpone the deadlines.
Brazil's antitrust watchdog also allowed Petrobras to sell
its stakes in natural gas distribution companies by June and to
finish the divestiture of the residual stake in gas pipeline
company NTS by April.
Petrobras had agreed in 2019 to sell its refinery assets as
a condition to close a probe on antitrust allegations that it
was abusing its dominant business position in the refining
market. The company agreed to sell eight refineries, including
the fuel transportation infrastructure.
That same year, Petrobras also agreed to divest from natural
gas assets, to end separate investigations that alleged
anticompetitive behavior. Both agreements intend to bring new
players into the markets, currently dominated by the
(Reporting by Tatiana Bautzer
Editing by Chris Reese and Nick Zieminski)