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UPDATE 1-Brazil's Petrobras to adjust fuel contracts, no change in pricing policy

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  • PBR-A

(Adds details on divestment of refineries)

SAO PAULO, Sept 10 (Reuters) - Brazilian state-run oil company Petrobras said on Friday it would launch new contract models to sell gasoline and diesel, as it plans to be "more flexible" to take on new competitors in refining.

Petroleo Brasileiro SA, as the company is formally known, said in a securities filing the changes would allow it to adjust to market conditions, even though there will be no change to its pricing policies.

The company, which dominates Brazil's oil refining sector, has been selling some of its refineries, in a move that has increase competition. It also sees more room for the country to import fuel.

Petrobras has signed contracts to sell the REMAN refinery in the northern state of Amazonas to local company Ream Participações S.A and the RLAM refinery - located in the state of Bahia - to the UAE's Mubadala Investment Company. .

Four other Petrobras refineries are in a sale process, while the RNEST refinery in the northwestern state of Pernambuco found no buyers.

"In the current market scenario, characterized by the entry of imported product by third parties and by the divestment process of refining assets, it is necessary to promote improvements in some commercial and operational clauses", Petrobras said.

(Reporting by Gabriel Araujo. Editing by Jane Merriman and Louise Heavens)