Brazilian state-controlled oil company Petroleo Brasileiro SA has set a June 7 deadline to receive non-binding proposals for its liquefied petroleum gas (LPG) distribution unit Liquigas, one source with knowledge of the matter said.
Petrobras, as the oil company is known, has been selling assets to reduce debt and re-focus on offshore exploration and production.
This is Petrobras’ second attempt to sell Liquigas. In 2016, Petrobras agreed to sell it to Ultrapar Participações SA for 2.8 billion reais ($696 million), but the deal was blocked by Brazil’s antitrust watchdog Cade.
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