Petrobras plans to sell a 25% to 40% stake in its fuel distribution unit. Petrobras will sell a 25 percent to 40 percent stake in BR Distribuidora, as the unit is known, the filing said. 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.
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.