Petrobras announces the sale of eight refineries and a network of fuel stations in Uruguay

State oil company Petrobras announced the sale of new assets including 8 refineries in Brazil and the network of PUDSA fuel stations in Uruguay, under the new guidelines of its divestment plan.

In addition to the subsidiary in Uruguay and the 8 refineries, which together treat 1.1 million barrels of oil per day, the largest company in Brazil will also sell its stake in Petrobras Distribuidora, where the state company will remain as a relevant shareholder.

The decision to sell 8 of its 13 refineries and reduce the share of the state company in Petrobras Distribuidora - currently at 71% - was adopted on Friday by the company's Board of Directors, according to a statement sent to the financial market.

With the sale of the refineries, Petrobras' portfolio will be "renewed" with assets of greater profitability and greater competitiveness and transparency will be given to the refining segment in Brazil, according to the note. In relation to the reduction of the company's stake in Petrobras Distribuidora, the company reported that it is studying a secondary public offering of shares.

The Brazilian oil company has been immersed for several years in an ambitious program of asset sales, in order to reverse the severe economic crisis in which it was involved by corruption scandals and the fall in oil prices.

Petrobras estimates that this year it will sell assets worth between 30,000 and 40,000 million dollars, twice what was planned in its current disinvestment plan, according to calculations by the company's president, Roberto Castello Branco.