SAO PAULO (Reuters) -Brazilian state-run oil firm Petrobras said on Wednesday the country's antitrust regulator Cade approved the new terms of an agreement that will free up the company from selling some of its oil refining and natural gas assets.

The new terms of the agreement, 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 had set the terms in a broad initiative to reduce Petrobras' share in Brazil's oil and gas sector, opening the market for new companies with prospects of more investment.

The change will allow Petrobras to retain control of Transportadora Brasileira Gasoduto Bolivia-Brasil (TBG), which operates a natural gas pipeline that connects Bolivia and southern Brazil.

It will also be able to retain control over five refineries. Under the previous terms, Petrobras sold off its stake in three refineries.