Abu Dhabi state investment fund Mubadala is to enter exclusive negotiations with Petrobras for the purchase of its Landulpho Alves Refinery (RLAM), according to a 9 July securities filing by the Brazilian state firm. Mubadala, previously reported to be among the bidders for the 323,000 b/d plant (MEES, 3 July), presented the best binding proposal and was “therefore invited to start negotiations,” Petrobras says. No schedule for conclusion of the negotiations was provided.

RLAM is Brazil’s second largest refinery and one of eight offered up by Petrobras in a plan to raise over $10bn. While the refinery is one of Brazil’s most complex, it is expected to require investment. Mubadala’s only current Brazilian assets are two offshore exploration blocks and a controlling stake in the Deten Quimica petchems complex, held through its Cepsa (61.5%) subsidiary. (CONTINUED - 135 WORDS)