Brazil's Lula pitches Petrobras-Pemex partnership, signals plan to buy back refinery

Brazil's President Luiz Inacio Lula da Silva proposed a partnership between Petrobras and Mexico's Pemex for oil exploration in the Gulf of Mexico. Petrobras has expertise in deepwater production. Lula also stated Petrobras will buy back a refinery in Bahia state. This refinery was sold in 2021. The repurchase is expected to take time.