(Bloomberg) -- Petroleo Brasileiro SA reached a deal with Brazil’s antitrust watchdog to keep oil refineries it hasn’t already sold as the company gears up to expand its facilities.

Petrobras said in a filing Wednesday it renegotiated a 2019 agreement with Cade, the watchdog, to sell eight refineries. The company already sold three plants, but the others have been removed from its divestment plan, it said.

The Luiz Inacio Lula da Silva administration is pressuring Petrobras to increase investments in an effort to accelerate economic growth and create jobs. Lula recently fired Petrobras’ chief executive officer, in part because the company wasn’t executing its business plan as fast as he wanted.

The move to keep the refineries is part of a bigger shift at Petrobras since Lula took office in 2023. Previous management was cutting costs and selling assets to focus on the most profitable oil projects in ultra-deep waters. The company now is investing more in other areas, including refining, fertilizers and renewable energy — a concern for investors because these projects aren’t as profitable. 

Read More: Lula Pushes New Petrobras CEO to Boost Refinery, Gas Investments

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