Petrobras revives plan for IPO of fuel distribution unit

Petróleo Brasileiro SA (PETR4.SA) is reviving an initial public offering of fuel distribution unit BR Distribuidora to cut the Brazilian state-controlled oil company’s debt and investment in low-return activities, Chief Executive Officer Pedro Parente said on Thursday.

Pedro Parente said at an event in São Paulo that a proposal would be delivered for board approval as soon as next month. While terms of the deal remain under analysis, he said an initial public offering would create “more value” for Petrobras, as the oil firm is known.

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Categories: CEO, Petrobras

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