The company is trying to sell its 100,000 barrel per day refinery located in Pasadena, Texas, to use the funds for the development of its offshore fields in Brazil.
Pasadena refinery is expected to attract buyers due to its location, which helps to receive growing crude oil supplies from shale formations in Texas, and because it is situated on the Houston Ship Channel, the refinery is linked to vital export markets, reported Dow Jones.
Petrobras initially bought 50% in the refinery for $360m, but later purchased the remaining interest in the facility from its partner Transcor Astra Group for $820.5, including asset value and other expenses.
The proceeds from the sales of the gasoline producing facility will be used to develop subsalt fields.
According to Petrobras, the company is planning to spend $237bn to develop the fields.
