Petrobras Recovering $1.76 bln in Graft Losses

Brazil's state-led oil company Petroleo Brasileiro SA plans to recover $1.76 billion or more lost to a price-fixing, bribery and political kickback scheme, Chief Executive Aldemir Bendine said on Friday.

Petrobras, as the company is known, may also complete an initial public offering of its fuel distribution unit BR Distribuidora SA this year if market conditions are right, Bendine told reporters.

Reporting by Marta Nogueira and Rodrigo Viga Gaier