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Petrobras Plans to Sell Its Stake in BR Distribuidora. This Divestment Is Considered One of the Largest for This Year
Petrobras plans to sell its entire stake in its former subsidiary BR Distribuidora within this year of 2021. If the operation is completed, the state company could earn more than R$ 8 billion, three sources with knowledge of the matter told Reuters. This divestment in BR Distribuidora has the potential to be one of the largest of the year. See also: President of Petrobras and Mayor of Macaé Meet to Discuss Job Creation and Investments in Ports, Construction of Thermoelectric Plants and Expansion of the Airport in the City
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Sale of Petrobras’ Stakes in BR Distribuidora
At Petrobras, ongoing discussions indicate a favorable position for a full sale of the 37.5% stake in the largest fuel distributor in Brazil, confirming what the new president of the state company is aligning with divestments, according to sources who spoke on condition of anonymity to Reuters.
BR Distribuidora is already aware of Petrobras’ interest in selling its stakes, with contacts between Luna and the distributor’s president Wilson Ferreira Jr. One source mentioned that the intention is to proceed this year within the necessary protocols.
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A second source indicated that Petrobras wants to sell everything and has commissioned numerical studies with scenarios to make the best decision. Related individuals said a meeting to discuss the sale of Petrobras’ shares in BR Distribuidora is expected to take place over the next few weeks.
State Company Revenue from Selling Its Stake in BR Distribuidora
Some ongoing technical analyses will support the board regarding the sale of the stake in BR Distribuidora, according to sources, stating that initial estimates suggest that Petrobras could earn at least around R$ 8 billion from the total sale of its shares in its former subsidiary.
When asked about when the negotiation could be concluded, both companies stated that the intention is for the sale to be finalized within this year.
See Also: Petrobras Biocombustível Workers Go on Strike Yesterday (20) After Failing to Reach an Agreement with the State Company
After failing to reach an agreement, Petrobras Biocombustível (PBio) workers went on an indefinite strike starting at 7 a.m. yesterday, Thursday (20/05). This movement is a response to the management’s intolerance at Petrobras, which has refused to negotiate the maintenance of jobs for the subsidiary’s oil workers, who are in the final process of being privatized.
The Petrobras Biocombustível workers demand transfers to other Petrobras units. However, the state company uses the PBio sale model as a legal impossibility to meet the request from FUP – the Single Federation of Oil Workers and its affiliated unions.
According to FUP, the Petrobras Biocombustível strike will halt activities in Candeias, Bahia, and Montes Claros, in Minas Gerais, outside the subsidiary’s headquarters, which has ceased operations located in Rio de Janeiro. The Quixadá plant in the state of Ceará, which has also been put up for sale like the other units, has been deactivated for over four years.
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