Petrobras on Sale of Assets in Colombia

Source: www.gulfoilandgas.com 5/21/2020, Location: South America

Petrobras, following up on the press release disclosed on 03/06/20, informs that the non-binding phase related to the sale of 100% of the shares held by Petrobras International Braspetro B.V. (PIB BV) and other Petrobras subsidiaries, in Petrobras Colombia Combustibles (PECOCO) is underway, as described in the teaser, with expectation of the beginning of the binding phase in the next weeks.

Potential buyers qualified for this phase have received a descriptive memorandum with more detailed information about the aforementioned assets, as well as instructions on the divestment process, including guidelines for preparing and submitting non-binding proposals.

The main subsequent stages of the project will be reported to the market in due course.

This disclosure is in accordance with Petrobras' divestment guidelines.

This transaction is in line with the portfolio optimization and the improvement of the company’s capital allocation, aiming at maximizing value for its shareholders.

About the assets in Colombia
In Colombia, Petrobras operates, through PECOCO, in the gasoline, diesel, and lubricant distribution and trading market, through a network of 124 service stations and 7 storage units, one of which is in Puente Aranda.


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