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A tanker truck leaves the Petrobras Alberto Pasqualini Refinery in CanoasA tanker truck leaves the Petrobras Alberto Pasqualini Refinery in Canoas, Brazil May 2, 2019. Picture taken May 2, 2019. REUTERS/Diego Vara

By Gram Slattery and Marta Nogueira

RIO DE JANEIRO (Reuters) – 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

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