Petrobras Sells Stake in Petrobras Uruguay Distribucion
Brazilian state-run oil company Petrobras has reached an agreement to sell its fuel distribution business in Uruguay to Spain’s DISA Corporacion Petrolifera for $61.7 million, it said in a securities filing on Friday.
Petrobras announced, in a material fact released recently, that its indirect subsidiary Petrobras Uruguay Sociedad Anonima de Inversiones (Pusai) sold its stake in Petrobras Uruguay Distribuicion (Pudsa) for US $ 61.7 million.
The sale was made to Disa Corporacion Petrolífera and the total amount will be paid in two installments: US $ 6.17 million on signing the contract and US $ 55.53 million on closing the transaction, without considering adjustments.
Pudsa operates in the distribution of fuels, lubricants and liquid fertilizers. The structure includes 88 service stations in operation, 16 convenience stores and two logistical storage terminals, among other units.
The sale of Petrobras Uruguay Distribucion SA, or PUDSA, is part of a multi-billion-dollar divestment drive by Petroleo Brasileiro SA, as the firm is formally known. The company is aggressively selling off billions of dollars of assets in a bid to reduce its hefty debt load and sharpen its focus on offshore oil exploration and production.
Among PUDSA’s assets are 90 service stations and 16 convenience stores.
The transaction still must be approved by competition authorities in Uruguay, Petrobras
Petrobras Sells Stake in Petrobras Uruguay Distribucion - /10