May 9, 2019 |
Brazilian fuel distributor has a "duty" to look into the refinery sales by its parent company, CEO says
Brazil's BR Distribuidora could consider placing bids to buy oil refineries from its parent company, the state-owned energy firm Petrobras, said BR Distribuidora CEO Rafael Grisolia.
"As a [fuel] distribution company, we have the duty of looking into that. Of course, we'll do that. For future decisions, we have to look at everything," Grisolia told analysts in a conference call to discuss BR Distribuidora's first quarter results.
Petrobras also said it could sell shares in BR Distribuidora under the same program. The company now owns 71.3% of the fuel distribution business. The remaining shares trade on the B3 stock market in São Paulo.
BR Distribuidora's share prices rose 1.14% to BRL23.90 ($6.08) after the company posted a 93% jump to BRL477m in net income in the first quarter this year. The company also recorded an 8.7% increase in EBITDA year-on-year to BRL841m.