SAO PAULO, Sept 28 (Reuters) - The board of Brazilian state-controlled oil company Petróleo Brasileiro SA voted to list its fuel distribution unit on the São Paulo Stock Exchange, according to a securities filing on Thursday. Petrobras will sell a 25 percent to 40 percent stake in BR Distribuidora, as the unit is known, the filing said. The transaction is subject to approval by regulators. (Reporting by Bruno Federowski; Editing by Bernadette Baum)
Petrobras plans to sell a 25% to 40% stake in its fuel distribution unit. The operation hasn’t been finalised yet and will depend on conditions in domestic and international capital markets. The state-owned oil company has been selling assets, trimming staff and implementing cost cuts to weather persistently low oil prices, and is planning to raise $21bn through 2018 from asset sales to help reduce the largest debt of any publicly-traded oil company. In Brazil, where petrol prices are among the highest in the world, the government recently announced that it would subsidise up to 10% of retail gas prices.