Brazil' Petrobras seeks $20 billion from sale of refineries

FILE PHOTO: The logo of Brazil's state-run Petrobras oil company is seen on a tank in at Petrobras Paulinia refinery in Paulinia, Brazil July 1, 2017. REUTERS/Paulo Whitaker/File Photo

SAO PAULO (Reuters) - Brazil’s state-controlled oil company, Petrobras, plans to raise roughly $20 billion through the sale of eight refineries, a source familiar with the matter said.

On Friday, Petrobras detailed long-awaited plans to sell refineries and other assets as the company focuses on its core oil and gas exploration business.

The source added that the sale of Petrobras’ refineries may take up to one year to complete.

Reporting Rodrigo Viga Gaier; Writing by Carolina Mandl; Editing by Steve Orlofsky