Brazil’s Petroleo Brasileiro SA drew plaudits from investors last month for announcing a plan to sell off eight of its refineries in a process the company says could fetch some $15 billion. But analysts and industry experts say that while the divestments will help Petrobras shore up its finances, it may fail to create a competitive refining market in Brazil, an oft-stated goal of regulators and Petrobras executives. That’s because the company is hanging onto its refineries in the states of Sao Paulo and Rio de Janeiro, home to over 60 million Brazilians. They collectively process about 1.1 million barrels of oil per day, according to Brazil’s oil regulator, about half of the company’s total capacity. “I think it’s a little bit […]