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Story by Reuters

SOURCES: Brazilian state-run oil company Petrobras is looking to sell some of its biofuel assets as it tries to raise cash to cover investment for new offshore oil fields and service its debt, two sources told Reuters on Wednesday.

The first source, who has a direct knowledge of Petrobras’ plans, said the company’s ethanol plants were the most likely area of the business to be sold.

The plants are less profitable than the distribution and commercialization assets, the source added. The company, formally known as Petroleo Brasileiro SA, does not plan to exit the biofuels sector entirely, according to the source.

Petrobras has already shown assets to potential buyers, a second source told Reuters after being briefed on the company’s plans.

Both sources asked not to be named as the decision has not yet been finalized.