Brazilian refiner Refinaria de Petroleos de Manguinhos asked the local stock exchange to halt trading of its stock after the government of Rio de Janeiro state said it plans to seize refinery land to build public housing, according to a company filing on Monday.
The company, the only refinery in Brazil not controlled by state-led oil company Petrobras, requested the trading halt on Sao Paulo’s BM&FBovespa exchange to get more information on the government’s plans, it said in the securities filing.
Manguinhos has refined about 3.5 million barrels of oil in the last 12 months, the filing said. That’s less than two days of Brazilian oil output. Its refining activity has been limited for nearly a decade because of Petrobras’ fuel price policies.