Petrobras announced plans to sell eight of its refineries holding 50% of Brazil's refining capacity. Asset sales like these are a key part of its corporate strategy to cut down debt. Not long ago, the company was the most indebted E&P in the world. But this is Petrobras' second attempt at trimming down its refining portfolio. Last time things did not follow through, and this time plans are even bigger and bolder. Potential investors recognize the scale of the opportunity, but risks also exist. Will refiners be able sell products at international rates or will the government intervene? Are refineries in good shape or will they require additional investments? What Brazilian market particularities could drive refinery margins down?