June 27, 2019 / 8:37 PM / a year ago

Petrobras to fully exit natgas distribution business in Brazil -CEO

SAO PAULO, June 27 (Reuters) - Brazil’s state-controlled oil company Petrobras will leave the natural gas distribution sector in Brazil, disposing of all of its assets in the area, Chief Executive Officer Roberto Castello Branco said on Thursday.

The top executive of Petroleo Brasileiro SA, as the company is formally known, said he will comply with all the instructions from Brazil’s antitrust regulator CADE, as the government seeks to increase competition in the gas sector looking to lower prices. Castello Branco said he expects to sell this year at least one of the refineries Petrobras put up for sale. (Reporting by Marcelo Teixeira Editing by Marguerita Choy)

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