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Story by Reuters

The board of Petróleo Brasileiro SA has approved a plan to request regulatory permission to list the state-controlled oil producer’s fuel distrbution unit on the São Paulo Stock Exchange.

In a securities filing distributed early on Friday, the company known as Petrobras said the execution of an initial public offering of the BR Distribuidora unit hinged on global and domestic market conditions. Petrobras will pursue all the necessary authorizations from securities industry watchdog CVM as well as other regulatory agencies.

Sources told Reuters last month that Petrobras hired the investment-banking units of Citigroup Inc, Banco Bradesco SA, Itaú Unibanco Holding SA, Banco do Brasil SA and Grupo BTG Pactual SA to handle the IPO of BR Distribuidora.