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Brazil's Lula pitches Petrobras-Pemex partnership, signals plan to buy back refinery
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Brazil's Lula pitches Petrobras-Pemex partnership, signals plan to buy back refinery
Mar 20, 2026 10:51 AM

SAO PAULO, March 20 (Reuters) - Brazilian President Luiz

Inacio Lula da Silva said on Friday he had proposed a

partnership between state energy firms Petrobras and

Pemex to explore oil in the Gulf of Mexico.

"Pemex could get a great deal of help from Petrobras," Lula

told an event, saying he had called Mexican President Claudia

Sheinbaum to pitch the idea while highlighting Petrobras'

long-established expertise in deepwater oil production.

The leftist leader also said that Petrobras would seek to

buy back a refinery in Bahia state that was sold to Abu Dhabi's

sovereign fund Mubadala in 2021, under his predecessor Jair

Bolsonaro.

"They sold the Bahia refinery, we will buy it back. It may

take a while, but we will," Lula told an event, referring to the

Mataripe refinery, now controlled by Mubadala-owned Acelen.

Petrobras and Acelen did not immediately respond to requests

for comment.

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