The Brazilian government will draft new legislation to attract foreign investment in oil refining, the Brasil news agency reports.

State-owned Petrobras has a dominant hand in refining oil in Brazil but the report says the Abreu e Lima refinery in the state of Pernambuco, should be opened to other investors.

The restructuring of the country’s oil refineries will be made possible under the Brazil Fuel programme, launched on Monday by the Brazilian Mine and Energy Minister, Fernando Coelho Filho.

The government plans to open a round of consultations ahead of developing legislation that will codify rules around access to resources and the development of infrastructure.

The report says external investment in the oil refineries has been welcomed since 1997 but Petrobras controls about 95 percent of the industry.