Brazil's Petrobras to sell gas station chain in Uruguay

Petrobras' Boad of Directors announced last week a plan to sell a gas station chain in Uruguay and eight refineries in Brazil.

State-controlled oil company Petrobras announced last week that its Board of Directors had approved a plan to sell a fuel station chain in Uruguay, called PUDSA, according to Reuters.

The company also plans to sell eight refineries in Brazil – including Abreu e Lima units, recently build – and an additional stake in Brazil’s leading fuel distribution company BR Distribuidora SA. Petrobras, or Petroleo Brasileiro SA, added that among the other refineries to be sold are the Gabriel Passos, Getúlio Vargas and Alberto Pasqualini units.

Petrobras would be evaluating a secondary share offering to reduce its stake in DR Distribuidora, in which it holds a 71% stake.

With this move, Petrobras aims at cutting debt and raising money to focus on its core oil and gas exploration business.