Ipiranga wants to partner with Petrobras for investments

July 9, 1997 Brazilian Petroleo Ipiranga, a private oil & fuels company, is actively discussing a partnership with the government owned Petrobras involving investments between $ 1 bn - $ 2 bn. The areas involved in the association are oil pipelines and refineries.
Ipiranga, a R$ 5 bn turnover company that runs a small refinery with capacity for 9,000 bpd at Rio Grande do Sul, wants to partner with Petrobras in the modernisation of existing refineries. The company has a 22 % share in the fuels distribution market and Petrobras'BR another 28 % on it. The partnership would not affect the companies to play independently in the market.