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Petrobras starts binding phase for Gabriel Passos refinery sale

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Petrobras starts binding phase for Gabriel Passos refinery sale

Petróleo Brasileiro SA started the binding phase for the sale of the Gabriel Passos refinery in the Brazilian state of Minas Gerais, along with its logistical assets.

Qualified parties will receive a process letter with instructions on the divestment process, including the guidelines for submitting binding proposals, according to a Dec. 20 news release.

The refinery has a processing capacity of 166,000 barrels per day.

The nonbinding phase for the sale of the refinery was announced Oct. 4.

Petrobras has sold $15.3 billion in noncore assets as of Oct. 15 in a bid to reduce debt.