The state oil company Petrobras, the largest company in Brazil, announced Friday its intention to sell the distribution and marketing business of fuels and lubricants in Colombia.
The company intends to sell all of the shares that its subsidiaries own in Petrobras Colombia Fuels (PECOCO), a company that operates in the fuel distribution segment in the country.
PECOCO has 124 service stations, mainly in Bogotá, and 7 storage units, according to the statement sent to the market this Friday with information for potential investors.
According to the statement, the decision to sell the shares in Colombia is “aligned with the optimization of the portfolio and the improvement of the company’s capital distribution, seeking maximum value for its shareholders.”
Petrobras carries out an ambitious divestment plan to sell non-strategic assets and reduce its gigantic debt, a program that last year allowed it to raise a record $ 16.3 billion.
The president of the largest company in Brazil, Roberto Castello Branco, is confident that the oil company will be able to sell eight of its thirteen refineries this year and its participation in Braskem, the petrochemical company it shares with the Odebrecht group.
Precisely the company’s divestment plan helped Petrobras obtain a record profit of 40,137 million reais (about 8,725 million dollars in the current change) in 2019, with which it consolidated the recovery initiated in 2018.
The profit was 55.7% higher than in 2018 (25,779 million reais or 5,604 million dollars) and contrasted with the previous four years of losses, including those of 2015, when Petrobras suffered a record loss of 34,800 million real (about 7.565 million dollars).