Petrobras likely to extend deadline in refineries sale

Petrobras oil company headquarters is pictured in Rio de Janeiro, Brazil.

SAO PAULO: Brazil’s state-controlled oil company Petroleo Brasileiro may extend the deadline for potential bidders for a 60% stake in four refineries to sign non-disclosure agreements, a source said.

A ruling from Supreme Court Justice Ricardo Lewandowski this week requiring Congress to approve all sales programmes of state-controlled companies threw up another roadblock to the effort to sell the refineries, which had attracted only lacklustre interest from potential buyers.