Mubadala, Petrobras to discuss Bahia refinery sale

Abu Dhabi’s investment fund Mubadala Investment will enter into exclusive talks with Petrobras to purchase Brazil’s secondlargest refinery, the Brazilian state-owned oil company said in a securities filing.

Petroleo Brasileiro, as Petrobras is formally known, confirmed in a filing that Mubadala had submitted the best offer and was invited to negotiate. Mubadala will discuss the contract terms with Brazil’s Petrobras in an exclusive negotiation expected to take several weeks, the people said.