Petrobras Chairman Murilo Ferreira dissented in a recent vote to sell a stake of at least 25 percent in the Brazilian state- controlled company’s BR Distribuidora SA fuel distribution unit to help reduce debt, board meeting minutes showed.
The 10-member board of Petróleo Brasileiro SA, as the oil producer is formally known, approved the proposal 8-2 on Aug. 8, according to minutes published late on Monday.
Reuters previously reported that Petrobras was considering listing BR Distribuidora, which controls Brazil’s largest gasoline, ethanol and diesel service-station network, before the end of the year.
The board authorized Petrobras management to seek approval from Brazil’s CVM securities industry watchdog for an initial public offering, which could expand beyond the minimum 25 percent threshold through the placement of additional and supplementary allotments, the minutes showed.
Brazil Energy Insight 
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