Petroleo Brasileiro S.A. or Petrobras PBR recently entered into an agreement to sell its Landulpho Alves Refinery (RLAM) and its related logistics assets to Abu Dhabi’s Mubadala Capital for $1.65 billion, contingent on regulatory approvals.For quite some time, Petrobras has been looking for a lucrative divestment bid for its RLAM in the Brazilian state of Bahia from prospective buyers. Notably, in June 2020, Mubadala Investment Company began exclusive talks with Petrobras authorities after submitting the best offer to purchase the company’s RLAM and getting the invitation to negotiate the deal. However, discussions were stalled due to some reasons. Then again last December, the state energy producer mulled over a buyout option from the Mubadala Group.Meanwhile, management informed that this state-run energy giant’s sale process of Refinaria Presidente Getulio Vargas (REPAR) in Parana state was unsuccessful and it chose to halt the same. The deal fell through because the binding offers that Petrobras received for the refinerycomprised conditions that failed to meet its economic-financial evaluation. However, now the company plans to resume the divestiture of REPAR shortly.Petrobras’ sale of eight refineries is currently on track and all the divestments are estimated to be completed by the first quarter of 2022.Of the eight refineries with 1.15 million barrels per day (bpd) of installed capacity, binding proposals for Petrobras’ three refineries, namely REMAN in Amazonas, LUBNOR in Ceara and SIX in Parana states are still in progress. Last December, Petrobras received the binding offer for REFAP in the state of Rio Grande do Sul. Two other refineries, namely RNEST in Pernambuco state and REGAP in Minas Gerais with production capacities worth 130,000 bpd and 166,000 bpd each are slated to get binding offers in the first quarter of this year.Company ProfilePetrobras is the largest integrated energy firm in Brazil and one of the biggest in Latin America. The company’s activities include exploration, exploitation and production of oil from reservoir wells, shale and other rocks. Its operations also include refining, processing, trading and transportation of oil and oil products, natural gas and other fluid hydrocarbons apart from other energy-related operations.Zacks Rank & Key PicksPetrobras currently has a Zacks Rank #3 (Hold). Better-ranked stocks in the energy space include Matador Resources Company MTDR, Diamondback Energy, Inc. FANG and Devon Energy Corporation DVN, each presently flaunting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.5G Revolution: 3 Stocks to Make Your MoveWith super high data speed, it will make current cell phones obsolete and unlock the full potential of big data, cloud computing, and artificial intelligence. In the next few years this industry is predicted to create 22 million jobs and a stunning $12.3 trillion in revenue.Today you have an historic chance to pursue almost unimaginable gains like Microsoft, Netflix, and Apple in their early phases. Zacks has released a Special Report that reveals our . . .• Smartest stock for 5G telecom• Safest investment in 5G hardware• Single best 5G buy of allDownload now. Today the report is FREE >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Petroleo Brasileiro S.A. Petrobras (PBR): Free Stock Analysis Report Devon Energy Corporation (DVN): Get Free Report Diamondback Energy, Inc. (FANG): Get Free Report Matador Resources Company (MTDR): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research