By Brazil Stock Guide – Brazil’s oil regulator unanimously revoked the operating authorization of Refit (B3: RPMG3), formally known as Refinaria de Petróleos de Manguinhos, as the company remains under court-supervised restructuring.
The board of the National Agency of Petroleum, Natural Gas and Biofuels, known as ANP, based its decision on the suspension of Refit’s corporate taxpayer registration, or CNPJ. The regulator said the company’s status creates uncertainty and poses risks to the market.
Legal Grounds
ANP Director Pietro Mendes, who served as rapporteur in the proceeding, said the suspended registration placed the refiner within a legally defined basis for losing its authorization.
The company’s status is “a situation that is subject to the revocation provision established by law,” Mendes said.
Refit’s Final Arguments
Mendes said Refit’s final submission repeated arguments the company had already presented during the proceeding. The filing failed to change the board’s assessment of the regulatory implications stemming from the suspended CNPJ.
The other ANP directors backed the rapporteur’s position, making the decision to revoke Refit’s operating authorization unanimous.
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