Petrobras says the antitrust authority has agreed to exempt the company from asset sales. Via Reuters

SAO PAULO (Reuters) – Brazilian state oil company Petrobras said on Wednesday that the country’s antitrust regulator Cade had approved new terms of a deal that would exempt the company from selling some of its oil refining plants and assets.

The new terms of the deal, originally signed in 2019, have been approved by the regulator’s board, Petrobras said in a securities filing.

The government of then-President Jair Bolsonaro set the terms as part of a broad initiative to reduce Petrobras’ share of Brazil’s oil and gas sector, opening the market to new companies with prospects for greater investment.

The change will allow Petrobras to retain control of Transportadora Brasileira Gasoduto Bolivia-Brasil (TBG), the operator of the gas pipeline connecting Bolivia with southern Brazil.

It will also be able to retain control of five refineries. Petrobras sold its shares in three refineries under the existing conditions.