December 3, 2019 / 8:48 PM / 2 days ago

Petrobras says it is working on new share offering of fuel distribution unit

Roberto Castello Branco, CEO of Brazil's state-run oil company Petrobras gestures during a ceremony of the return of funds recovered by Operation Lava Jato to Petrobras,in Curitiba, Brazil, July 25, 2019. REUTERS/Rodolfo Buhrer

SAO PAULO (Reuters) - Petrobras, Brazil’s state-controlled oil company, said on Tuesday it is working on an additional share offering to reduce its minority stake in its fuel distribution unit.

Petrobras confirmed it is working on a share offering of its unit after newspaper Valor Economico reported that the company’s chief executive officer, Roberto Castello Branco, told investors in New York about the plan.

Last month, Castello Branco said Petrobras wanted to reduce its stake in Petrobras Distribuidora SA, without elaborating.

Petroleo Brasileiro SA privatized Petrobras Distribuidora through a share offering last July, but still holds a 37.5% stake.

Reporting by Tatiana Bautzer in Sao Paulo and Gram Slattery in Rio de Janeiro; Editing by Leslie Adler and David Gregorio

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