Petrobras Eyeing Chile Refining: Itau

Petrobras may look to develop or acquire refinery capabilities in Chile as it pursues an integrated supply chain in the country, say Itau analysts. The company’s purchase last week of distribution assets in Chile adds a crucial part to its yet to be integrated business. Petrobras currently exports LPG, LNG, petrochemicals and lubricants to Chile, notes the shop. “The one supply chain node still missing, the refinery, will likely be the next step for Petrobras as it aims to establish an integrated business in the country,” says the shop. State-owned ENAP is currently Chile’s only refiner, note the analysts.