Petrobras announced on March 20 2026 that it will seek to buy back the Mataripe Refinery—formerly known as Refinaria Landulpho Alves (RLAM)—in Bahia, a facility it sold to Abu Dhabi’s sovereign fund Mubadala on November 30 2021 for an adjusted $1.8 billion.
The refinery, located in the state of Bahia, processes roughly 300,000 barrels of crude per day, about 14 % of Brazil’s total refining capacity. It was renamed Mataripe after the 2021 sale and was part of a divestment program mandated by Brazil’s Administrative Council for Economic Defense (CADE) to open the refining market.
Petrobras and Mubadala have been negotiating since late 2023. By December 2025, talks had advanced, though a final purchase price has not yet been disclosed. Petrobras is evaluating the deal to ensure it delivers adequate returns for shareholders while aligning with President Lula’s industrial policy to strengthen domestic fuel supply.
Reacquiring the refinery would improve Petrobras’ refining margin profile and bolster Brazil’s fuel security, addressing concerns about diesel imports and potential shortages. The move also signals a strategic shift from the previous administration’s divestment approach toward consolidation of downstream assets under Lula’s leadership.
The potential buyback could reshape competition in Brazil’s refining sector, as Petrobras had previously reduced its market share. The transaction aligns with Lula’s broader agenda to boost state‑owned enterprises and secure energy supply, and investors will closely monitor the final valuation and timing of the deal.
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