Mubadala set for exclusive talks with Petrobras to buy Bahia refinery

Petroleo Brasileiro will discuss with Mubadala the Rlam contract terms in an exclusive negotiation expected to take several weeks. (Reuters)
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Updated 10 July 2020

Mubadala set for exclusive talks with Petrobras to buy Bahia refinery

  • Mubadala had submitted the best offer and was invited to negotiate
  • Abu Dhabi’s investment fund beat back competition from India’s Essar Group

Abu Dhabi’s investment fund Mubadala Investment Co. will enter into exclusive talks with Petrobras to purchase Brazil’s second-largest refinery, the Brazilian state-owned oil company said in a securities filing on Thursday.
Reuters was the first to report earlier on Thursday that Mubadala was on an inside track to acquire the refinery, known as Rlam, after beating back competition from India’s Essar Group, according to three people close to the negotiations.
Petroleo Brasileiro, as Petrobras is formally known, confirmed in a filing that Mubadala had submitted the best offer and was invited to negotiate.
Mubadala will discuss the contract terms with Brazil’s Petrobras in an exclusive negotiation expected to take several weeks, the people said on Thursday, declining to be named as the talks were not public at the time.
If the contract changes significantly, Petrobras will call back competitors for a second round of bids based on price, the sources said.
Indian conglomerate Essar also made a binding offer for Rlam, as Reuters reported in June, and could compete again for the refinery if Petrobras decides to retender it.
Mubadala and Essar did not immediately respond to requests for comment. Petrobras did not provide any other details outside its securities filing.
A final winner will only be disclosed by Petrobras after all stages are concluded.
Rlam, which is based in the northern state of Bahia and has a 330,000 barrels a day capacity, is the first of a group of eight refineries Petrobras plans to sell to end its near monopoly in fuel processing in Brazil.


Chinese artificial intelligence company files $1.4 billion lawsuit against Apple

Updated 03 August 2020

Chinese artificial intelligence company files $1.4 billion lawsuit against Apple

  • Xiao-i argued that Apple’s voice-recognition technology Siri infringes on a patent that it applied for in 2004

SHANGHAI: Chinese artificial intelligence company Shanghai Zhizhen Intelligent Network Technology Co., also known as Xiao-i, has filed a lawsuit against Apple, alleging it has infringed on its patents.
The company is calling for $1.43 billion in damages and demands that Apple cease “manufacturing, using, promising to sell, selling, and importing” products that infringe on the patent, it said in a social media post.
Xiao-i argued that Apple’s voice-recognition technology Siri infringes on a patent that it applied for in 2004 and was granted in 2009.
Apple did not respond to a request for comment. Reuters was not immediately available to find a copy of the court filing.
The lawsuit marks the continuation of a row that has been ongoing for nearly a decade.
Shanghai Zhizhen first sued Apple for patent infringement in 2012 regarding its voice recognition technology. In July, China’s Supreme People’s court ruled that the patent was valid.