UPDATE 1-Brazil's Ultrapar still in talks to buy Petrobras refinery

(Adds Ultrapar outlook, context)

By Alberto Alerigi

SAO PAULO, Feb 25 (Reuters) - Brazil's Ultrapar Participações SA remains in exclusive talks to acquire one of the refineries owned by state-controlled oil firm Petrobras and would consider buying others, Chief Executive Officer Frederico Curado said on Thursday.

"We are keeping the premise of an investment in refineries," Curado told analysts, adding that Ultrapar does not expect Brazil's government to impose fuel pricing controls because it cannot afford to do so and such a move would leave prices far from international parity.

The Brazilian conglomerate is in exclusive talks to acquire the Regap refinery, located in the southern state of Rio Grande do Sul, from Petroleo Brasileiro SA, as the company is formally known.

Curado also said Petrobras has not announced any changes to the negotiations.

President Jair Bolsonaro moved last week to replace the CEO of Petrobras, spooking investors who worry about a possible return to politically-motivated pricing that hammered Petrobras' revenue over the past decade.

Curado added that Ultrapar expects substantial growth this year and improved earnings from Ipiranga, the fuel distribution company it controls.

Ultrapar expects to go ahead with businesses more focused on "the assets we are more competent in managing," the CEO added.

The company is considering the sale of its Extrafarma pharmacy chain and Oxiteno chemical producer subsidiaries. (Reporting by Alberto Alerigi Jr.; additional reporting by Tatiana Bautzer Editing by Paul Simao)