October 24, 2019 / 12:22 PM / 25 days ago

Brazil's BR Distribuidora to create energy, natural gas and ethanol trading cos

SAO PAULO (Reuters) - Brazilian fuel distributor Petrobras Distribuidora SA is considering creating energy trading units as it seeks to reposition itself after its privatization last July, Brazilian newspaper Valor Economico reported on Thursday.

The company is considering creating ethanol, electricity and natural gas trading businesses, Rafael Grisolia, BR Distribuidora’s chief executive, told the Thursday edition of Valor Econômico.

BR Distribuidora did not immediately respond to a request for comment.

To Valor, the executive said fuel distribution will continue to be the core of the company’s business, but BR Distribuidora wants to offer new services.

“Once the client defines what energy to use, we want to be there.”

Petroleo Brasileiro SA sold a 30% stake in BR Distribuidora three months ago in a share offering, raising gross proceeds of 8.56 billion reais ($2.12 billion) and effectively privatizing Brazil’s largest fuel distribution company.

Grisolia, BR’s Chief Executive since May, is tasked with implementing a series of cost-cutting measures after the privatization, including the sale of non-core assets and revision of old contracts, Valor reported.

Reporting by Ana Mano; Editing by Chizu Nomiyama

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