In 2007, Petrobras confirmed ExxonMobil’s interest in selling its South American assets, which include service stations in Brazil, Chile, Uruguay and Paraguay, and a large refinery in Argentina. ExxonMobil has remained silent regarding the possible sale.

Petrobras has already purchased Shell’s service stations and local assets that belonged to Gaz de France in Uruguay. The company already controls almost half of the fuel distribution in Brazil, and some analysts have suggested that regulators may boycott Petrobras’s intended bid to prevent a monopoly, industry publication PetrolWorld has revealed.

According to Brazilian media, Royal Dutch Shell, investment fund Ashmore and local petrochemical group Ultra/Ipiranga are also interested in purchasing ExxonMobil’s Latin American assets.