Petrobras, a Brazilian state-owned oil and gas company, has announced the termination of its divestment project related to the sale of its 100% stake in Petrobras Colombiam Combustibles (PECOCO), a subsidiary that operates in the fuel and lubricant distribution and trading market in Colombia. The decision aligns with the company’s current strategic drivers, focusing on portfolio diversification and sustainability.
PECOCO, which is part of Petrobras International Braspetro B.V. (PIB TV), has been operating in Colombia for many years, with a diverse range of assets, including service stations, a lubricant factory, and fuel distribution bases in the country’s main markets. The company’s operations in Colombia aim to meet the growing demand for fuel and lubricants in the country, while also contributing to the country’s economic development.
The divestment project, which was previously disclosed in June 2020, is now being terminated due to changing market conditions and the company’s revised strategic priorities. The decision is seen as a strategic move to focus on more profitable and sustainable opportunities, while also allowing for greater agility and flexibility in a rapidly changing market.
Despite the termination of the divestment project, Petrobras continues to maintain its commitment to Colombia and its stakeholders, and is expected to continue to operate in the country through its subsidiary, PECOCO. The company’s operations in Colombia will continue to focus on meeting the growing demand for fuel and lubricants, while also contributing to the country’s economic development and sustainability.