Petrobras begins search for partner in fuel distribution unit
SAO PAULO Oct 14 (Reuters) - State-controlled oil producer Petróleo Brasileiro SA has begun a search for a strategic partner for fuel distribution unit BR Distribuidora, which in recent weeks scrapped an initial public offering plan in the light of deteriorating market conditions.
In a securities filing on Wednesday, the board of Petrobras, as the oil firm is commonly known, gave the go-ahead to management to proceed with the search for a partner. The process will be discussed at the next board meeting, the filing added, without elaborating. (Reporting by Guillermo Parra-Bernal; Editing by Chris Reese)
© Thomson Reuters 2016 All rights reserved.