Petroleo Brasileiro SA, Brazil's state-controlled oil producer, plans to acquire refineries that may make the company the world's third-largest seller of gasoline and diesel.
Board members will meet May 12 to discuss buying a Valero Energy Corp. plant in Aruba that would boost refining capacity by 14 percent, Chief Executive Officer Jose Sergio Gabrielli said. Petrobras, as the Rio de Janeiro-based company is known, will look for more purchases, he said.

Petrobras wants to focus on selling refined products rather than crude to generate more profit from offshore discoveries including Tupi, the Western Hemisphere's biggest oil find since 1976, Gabrielli said in a May 5 interview in Houston. ... Read full article