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Report: Biggest trading, oil firms showing interest in Petrobras' refineries

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Report: Biggest trading, oil firms showing interest in Petrobras' refineries

Petróleo Brasileiro SA's sale of eight refineries attracted the biggest trading and oil companies as potential bidders, according to an Aug. 26 report from Reuters, citing unnamed sources. The refineries have a total capacity of 1.1 million barrels per day.

Sources told Reuters around 20 companies signed non-disclosure agreements that grant them access to the refineries' data. Petrobras set the deadline for nonbinding offers for the first four refineries for Oct. 11.

The potential bidders include trading firms Vitol SA, Glencore PLC and Trafigura AG.

Local firms Ultrapar Participações SA and Raizen S.A., which is a joint venture of Brazil's Cosan S.A. and Royal Dutch Shell PLC, also signed non-disclosure agreements.

Sources also told Reuters that PetroChina Co. Ltd. and China Petroleum & Chemical Corp. are interested in the refineries. Saudi Arabian Oil Co. is also looking at the refining units' data.

The deal could raise around $18 billion and transform Brazil's oil industry, banking sources told Reuters.

The antitrust regulator Administrative Council for Economic Defense also ordered Petrobras to stop a single buyer from acquiring two of the largest refineries in the same area.

Petrobras is also planning to sell oil pipelines and terminals along with the refineries. According to Reuters, expected bidders include private pipeline operators such as France's Engie SA and Canada's Brookfield Asset Management Inc.