Brazil’s Petrobras unveils refinery, assets sale plan

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Brazil’s Petrobras unveils refinery, assets sale plan

On Friday, the 26th of April 2019, the Brazilian-state controlled oil firm, Petrobras had unleashed a long-anticipated plan to sell off some of its assets including a series of refineries alongside other assets, as the company had been centering focus on its core gas and oil exploration business.

According to a securities filing, the grief-sickened Brazilian Petroleo Brasileiro SA, or simply Petrobras, said that its management board had approved a sell-off plan of its eight refineries in Brazil including a recently built and one of the largest, Abreu e Lima unit.

Besides, the company had also added that it had been exploring options to sell a gas station chain in Uruguay, named as PUDSA, and an additional stake of the nation’s No. 1 fuel distribution company, BR Distribuidora SA, as a havoc-scale divestment plan, mostly aimed at cutting its stockpile of debts and raising funds to invest over its core oil exploration business.

Petrobras, currently holding a stake of 71 percent in BR Distribuidora, had been quoted saying that the state-controlled company had been evaluating options to reduce its stake in the business, while a source with direct knowledge over the issue said on Friday (April 26th) in terms of anonymity that the oil company could reduce its stake in BR Distribuidora as much as 30 percent.