SAO PAULO: Brazil state-controlled oil company Petroleo Brasileiro SA said on Friday it had begun the process for selling four of its refineries, as part of a broader plan to sell eight of them, the equivalent of half of its refining capacity in the country.

Petrobras, as the company is known, said in a securities filing that it would sell the refineries Rnest, in the state of Pernambuco; Rian, in Bahia; Repar in Parana; and Refap in Rio Grande do Sul.

On Thursday, Petrobras CEO Roberto Castello Branco said he expected to sell at least one refinery this year.