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Report: Sinopec, EIG bid for Petrobras refinery in Brazil

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Report: Sinopec, EIG bid for Petrobras refinery in Brazil

China Petroleum & Chemical Corp., or Sinopec, and private equity firm EIG Global Energy Partners have made non-binding offers to acquire the 166,000-barrel-per-day Gabriel Passos Refinery located in the Brazilian state of Minas Gerais, Reuters reported Dec. 17, citing three people with knowledge of the matter.

The report follows an Oct. 4 announcement that state-owned Petróleo Brasileiro SA, or Petrobras, started the nonbinding phase to sell the refinery, also known as REGAP, and associated logistics assets.

The buyer also stands to receive pipeline infrastructure connecting REGAP to the region of the 239,000-bbl/d Duque de Caxias Refinery, or REDUC, near Rio de Janeiro, a source told Reuters.

Sinopec also reportedly submitted a non-binding offer for the 323,000-bbl/d Landulpho Alves Refinery, or RLAM, located in the state of Bahia. The refinery is among the first four refineries whose nonbinding phases were disclosed by the Brazilian oil major on July 15. Teasers for another four were released Sept. 13.

The report said Abu Dhabi's state investor and fuel distributors Ultrapar Participações SA and Raízen Energia SA are among the companies listed for the second round of bidding for the first four refineries.