NEWS COMMUNIQUÉ | ppPLUS Energy Intelligence • Downstream & Refining | April 17, 2026

Background: A Sale That Was Always Contested

The Mataripe Refinery — formerly known as the Landulpho Alves Refinery (RLAM) and Brazil's second-largest refining facility — was sold by Petrobras to Mubadala Capital in November 2021 for USD 1.65 billion, as part of a refinery divestment programme initiated under former President Jair Bolsonaro. Mubadala subsequently created Acelen as the operating vehicle for the asset. The sale was always politically controversial, and the return of President Luiz Inácio Lula da Silva to power in 2023 set the stage for a potential reversal.

Mataripe Refinery | Source: Estadão (Mar 31, 2026)

The Tipping Point: March 2026

Negotiations had stalled on multiple occasions — as recently as August 2024, Petrobras' own CEO stated publicly that reacquisition was "not a priority". However, on March 20, 2026, President Lula publicly declared that Petrobras would buy back the refinery, prompting the state company to move from evaluation to active direct talks. The political signal from the presidency appears to have been the decisive catalyst for accelerating the process.

The Commercial Logic

The operational gap between Petrobras and Mataripe/Acelen has become increasingly difficult to ignore:

• Mataripe is running at ~60% utilisation, well below its ~333,000 bpd nameplate capacity

• Petrobras' own refineries are operating at full stretch, creating a domestic supply bottleneck

• Brazil imports approximately 25% of its diesel needs, a dependency aggravated by recent global price volatility

• Reacquiring Mataripe would immediately add latent refining capacity to Petrobras' system without greenfield capital expenditure

What the Deal May Include

Negotiations are not limited to the refinery itself. The transaction under discussion is expected to also cover four strategic logistics terminals in Bahia — Jequié, Candeias, Itabuna, and Madre de Deus — along with approximately 669 km of interconnecting pipelines that form the backbone of fuel distribution across Brazil's Northeast.

Mubadala's Strategic Pivot

For Mubadala, a sale would represent a strategic realignment rather than a defeat. Sources indicate Mubadala had already internally decided to exit the conventional fossil refining business following the reversal of Brazil's refining market liberalisation, which created what the fund viewed as an "unfair competition" dynamic with the state-owned Petrobras. Mubadala's strategic focus in Brazil is shifting decisively toward its USD 3 billion Acelen Renewables biorefinery project — targeting up to 1 billion litres/year of Sustainable Aviation Fuel (SAF) from macaúba feedstock — in which it will retain a majority stake exceeding 50%.

Deal Parameters & Valuation

No official valuation has been disclosed. The original 2021 purchase price of USD 1.65 billion sets a floor reference, though the current market value will be subject to negotiation reflecting Acelen's capital investments since acquisition (estimated at BRL 4 billion planned through 2030), current utilisation rates, and Brazil's refining market outlook. Both Petrobras and Mubadala declined to comment on the talks.

What to Watch

• Deal structure: Whether the transaction is structured as a full acquisition or a partial stake purchase, and whether the logistics terminals and pipelines are included

• Valuation gap: Bridging Mubadala's book value expectations against Petrobras' willingness to pay at prevailing low utilisation rates

• Acelen Renewables carve-out: Whether the biorefinery project — not yet operational — will be formally separated from the conventional refining assets prior to any transaction

• Political timeline: With Brazilian elections approaching in late 2026, the Lula government has a strong incentive to announce a deal before the campaign period intensifies

Sources: Reuters (April 13, 2026); Energy News Pro (April 13, 2026); MarketScreener (April 14–15, 2026); Intellectia.ai (April 14, 2026); Click Petróleo e Gás (December 2025); LinkedIn/Mubadala analysis (September 2024); Acelen Investor Relations; Inspectioneering (August 2024).

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