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Petrobras (NYSE: PBR) said on Friday it terminated the sale of the Regap oil refinery located in Brazil’s Minas Gerais state after receiving insufficient offers for the site.
Petrobras (PBR) said in a Securities maintained that it would “test when the time is right to introduce new competition” to sell the refinery.
The state-owned company has been selling non-core assets such as offshore and shallow oil fields to focus on its deepwater and ultra-deepwater fields.
Regap is part of a group of refineries that Petrobras (PBR) wants to sell under a deal with Brazil’s antitrust watchdog to introduce competition in oil prices.
Brazil’s president-elect Luiz Inacio Lula da Silva has indicated that he will change the company’s approach to reinvestment and use the company to help spur economic growth.
