Brazil’s state-run oil company Petroleo Brasileiro (Petrobras) has launched the sale of stakes in wind farms Eólica Mangue Seco 1 and Eólica Mangue Seco 2, according to a securities filing on Friday. Petrobras owns 49% in Mangue Seco 1 and 51% in Mangue Seco 2, the filing said.
Brazil’s state-controlled oil company Petroleo Brasileiro SA has hired seven investment banks to sell a stake in its fuel distribution unit, Petrobras Distribuidora SA (BRDT3.SA). Petrobras is working to reduce its hefty debt load by selling some $20 billion-$30 billion in assets over the next five years, among them the 37.5% stake in BR Distribuidora about $3 billion.
Brazil’s state-run oil firm Petrobras has lost an appeal over R$9 billion ($2.14 billion) of disputed taxes, but it will “take the appropriate judicial measures in its defence,” the company said. The procedures refer to the collection of taxes on remittances sent abroad for the payment of freight contracts in the years 2011 and 2012.
Brazil’s state-run oil company Petroleo Brasileiro (PETR4.SA) has begun the “non-binding phase” of the process of selling its remaining 10% stake in its former pipeline subsidiary Transportadora Associada de Gás (TAG). Petrobras sold a 90% stake in TAG to Engie’s (ENGIE.PA) Brazilian subsidiary and Canadian investment fund Caisse de Depot and Placement du Quebec (CDPQ) in April for $8.6 billion.
Petroleo Brasileiro has put up for sale its entire stake in the Golfinho and Camarupim deepwater clusters in the Espírito Santo basin. Petrobras holds 100% interest in both concessions, with the exception of exploratory block BM-ES-23, in Golfinho, where it owns 65%. Brazil’s state-run oil company has been selling assets in order to lower its debt.
Petrobras has confirmed a 3% reduction in the price of diesel and gasoline for refineries from today. President of the National Federation of Trade in Fuels and Lubricants (Fecombustíveis), Paulo Miranda Soares, said the reduction was expected since the price of oil barrel returned to levels previous to the tension between Iran and the USA. He stressed, however, that consumers will have to wait two weeks until distributors manage the inventory.