Petrobras announced it will pursue the reacquisition of the Mataripe Refinery in Bahia, a facility that was sold to Abu Dhabi’s sovereign fund Mubadala in 2021 for $1.8 billion. The refinery, formerly known as the Landulpho Alves Refinery (RLAM), was renamed Mataripe after the sale and has been operated by Mubadala’s subsidiary Acelen.
The 2021 sale was part of Petrobras’s divestment program aimed at reducing debt and focusing on deep‑water exploration. The transaction was controversial because some estimates suggested the refinery was worth significantly more than the $1.8 billion price tag. The sale also marked a shift away from state ownership of key refining assets, a policy that Lula’s administration has since reversed.
Negotiations for the buyback have been ongoing since at least December 2023 and have advanced as of December 2025, although no purchase price has been disclosed and no definitive timeline has been set. The announcement signals a clear change in Petrobras’s strategy, moving from divestment to consolidation of its refining footprint.
The reacquisition aligns with Petrobras’s 2024‑2028+ strategic plan, which prioritizes investment in refining capacity and low‑carbon initiatives. Bringing the Mataripe refinery back under Petrobras control would allow tighter integration with upstream operations, improve operational synergies, and enhance the company’s ability to manage domestic fuel supply and pricing. It also supports Lula’s broader goal of strengthening Brazil’s energy sovereignty and reducing reliance on foreign ownership of critical infrastructure.
Mubadala has maintained a significant investment presence in Brazil, committing more than $1 billion annually to the country’s energy sector. While the current negotiations are focused on a potential sale, Mubadala’s continued investment strategy suggests a willingness to explore partnership or sale options that could benefit both parties.
The move represents a reversal of the previous administration’s divestment policy and could consolidate Petrobras’s position as a leading integrated energy company in Brazil. While the final terms remain undisclosed, the announcement underscores the company’s commitment to reshaping its asset base in line with national energy priorities and long‑term strategic objectives.
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