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Financial News: PETROBRAS: Company Signs Deal For The Sale Of

PETROBRAS: Company Signs Deal For The Sale Of Distributors In Paraguay

06/29/2018 - 12:41:00 (RTTNews)

(RTTNews) - The Brazilian state-owned oil company Petrobras' board of directors approved the sale of fuel distributors located in Paraguay to the Copetrol Group.

In a statement, the company said that the distributors operate in the distribution and marketing of fuels, LPG, lubricants, among others, through 197 service stations.

According to Petrobras, cash inflows are estimated at US$ 383.5 million (R$ 1.45 billion), of which US$ 49.3 million was paid as an advance through deposit in a guarantee account and US$ 334.2 million should be paid on the closing day of the transaction.

The sale price is still subject to adjustments due to the variations in working capital up to the close of the operation.

The Copetrol Group operates in the distribution of fuels and LPG in Paraguay, with a network of around 350 service stations and storage terminals.

The operation is part of Petrobras' divestment program, in line with the 2018-2022 Business and Management Plan, which provides for the optimization of the company's portfolio.

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