State-controlled Brazilian oil giant Petrobras has signalled that it remains committed to investments in the upstream sector, while moving forward with plans for the sale of more than half its domestic refineries as part of a divestment drive aimed at generating billions of dollars for its coffers.
In a public hearing in Brazil’s Lower House earlier this week, Petrobras chief executive Roberto Castello Branco criticised the monopoly in the downstream sector, while advocating that the company should focus on its core business activities.
