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Report: Brazil, Petrobras working to prevent monopolies after refinery sales

The Brazilian government and its state-owned Petróleo Brasileiro SA - Petrobras initiated talks with "many actors" to plan steps to prevent regional monopolies after the oil major sells some of its refineries, Reuters reported March 13, citing Brazilian Minister of Mines and Energy Bento Albuquerque.

"This is a process that we have been discussing among Petrobras, the government and we are talking with many actors to deal with this subject," Albuquerque said. Petrobras had said it would sell some of its refineries in the northeastern and southern regions.

Proceeds of the sale will be used to pay down its high debt load.