April 26, 2019 / 7:32 PM / a month ago

Petrobras approves changes to its 2019-2023 business plan: source

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

RIO DE JANEIRO (Reuters) - The board of Brazil’s state-controlled oil company Petrobras approved on Friday changes to the company’s 2019-2023 business and management plan, a source with direct knowledge of the decisions told Reuters.

The changed plan includes a decision to produce studies looking at the possibility of Petrobras, or Petróleo Brasileiro SA, cutting its stake at fuel distribution unit BR Distribuidora to as low as 40 percent from 71.25 percent, the source said, asking to not be named because he was not authorized to speak about the decisions.

The revised plan will also include studies for refineries sales. The company would keep the units in Rio de Janeiro and Sao Paulo states, the source said.

Reporting by Marta Nogueira; writing by Marcelo Teixeira; Editing by Marguerita Choy

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