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Sat 30 Nov 2019 10:43 AM

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UAE's Mubadala said to be on shortlist to bid for Brazil refineries

Mubadala Investment Company reportedly selected to bid for refineries put up for sale by Brazil's state-controlled oil company

UAE's Mubadala said to be on shortlist to bid for Brazil refineries

According to Reuters, Mubadala is one of four groups picked for the second round of bidding for four refineries.

Abu Dhabi's Mubadala Investment Company has reportedly been selected to bid for refineries put up for sale by Brazil's state-controlled oil company Petroleo Brasileiro, better known as Petrobras.

According to Reuters, Mubadala is one of four groups picked for the second round of bidding for four refineries.

It quoted sources as saying that Sinopec, Mubadala Investment Co and Brazil's Ultrapar Participações and Raizen were chosen to go through to the next phase.

The binding offers are expected to be delivered by mid-January, Reuters said, adding that Ultrapar, Raízen and Mubadala declined to comment.

Initial estimates that the oil company could fetch up to $18 billion for the refineries have been reduced to around $10 billion, it reported.

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