Brazil’s Petrobras opens path to future sale of Transpetro unit: paper

SAO PAULO, July 18 (Reuters) – Brazilian state-run oil company Petroleo Brasileiro SA opened the path to a future sale of its Transpetro SA shipping and pipeline unit via a by-law change approved at a June shareholders’ meeting, a paper reported on Wednesday.

Under the by-law change, first reported by Brazilian paper Valor Economico, Petrobras, as the company is commonly known, may now sell over 50 percent of the subsidiary, a move that would have been prohibited previously.

However, selling the unit, formally known as Petrobras Transporte SA, is not a short-term priority, Valor said, citing a source with knowledge of the matter.

Petrobras did not immediately respond to a request for comment on Wednesday.

According to Valor, the annual earnings before interest, taxes, depreciation, and amortization of the Transpetro unit is 1.6 billion reais ($415 million).

($1 = 3.85 reais)

Reporting by Gram Slattery
Editing by Chizu Nomiyama



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