Petrobras says the antitrust authority has agreed to exempt the company from selling assets

SAO PAULO (Reuters) – Brazilian state oil company Petrobras said on Wednesday that Cade, the country’s antitrust authority, had approved new terms of a deal that would free the company from selling part of its oil refinery and natural gas assets.

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

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

(Reporting by Peter Frontini in Sao Paulo and Fabio Teixeira in Rio de Janeiro; Editing by Richard Chang)