Brazil’s Petrobras Details Refinery, Other Asset Sale Plans

www.oann.com | 7/1/2017 | Staff
SAO PAULO (Reuters) – Brazil’s state-controlled oil company Petrobras on Friday for the first time detailed long-awaited plans to sell a series of refineries and other assets as the company focuses on its core oil and gas exploration business.

Petrobras, or Petroleo Brasileiro SA, said its board had approved a plan to sell eight refineries in Brazil, including its large, recently built Abreu e Lima unit, according to a securities filing.

Company - Gas - Station - Chain - Uruguay

The company also said it will sell a gas station chain in Uruguay, called PUDSA, and an additional stake in Brazil’s No. 1 fuel distribution company BR Distribuidora SA as part of a massive divestment drive that aims to cut debt and raise money to be invested in its core oil exploration area.

Petrobras, which currently has a 71 percent stake in BR Distribuidora, said it is evaluating a secondary share offering to reduce its stake in that business.

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