Petrobras, Brazil’s corruption-plagued and financially hobbled state oil firm, is looking to sell off its fuel distribution arm BR Distribuidora SA, according to Reuters.
Previously the plan had been to sell a minority stake in the unit but Petrobras did not accept some of the terms asked by the bidders.
BR Distribuidora SA controls Brazil’s largest gasoline, ethanol and diesel-station network.
Petrobras has been badly hit by the plunge in oil prices and the damaging impact of a multibillion dollar graft scheme that threatens to bring down Brazil’s government.
It has been slashing budgets and divesting interests on a huge scale.