Petrobras Fuel Distribution IPO May Come This Year

The chairman of Petróleo Brasileiro SA on Wednesday said an initial public offering (IPO) of the Brazilian state-controlled oil company's fuel distribution unit could happen this year.

 

Petrobras, as the company is known, plans to sell shares in the BR Distribuidora unit to cut debt and refocus on core activities. Chairman Nelson Carvalho told reporters at an event in São Paulo that the board has yet to decide on a timeframe for the IPO.


(Reporting by Aluisio Alves; Editing by James Dalgleish)