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 acquire a 30 % to 40 % stake in its fuel distribution unit . The operation has n’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 . BR Distribuidora controls the largest gasoline distribution network in Brazil , with about 8,000 units and more than 1,000 convenience stores .