MEXICO CITY (Sputnik) – The decision comes after three offers made by unidentified bidders for a minority stake "did not meet the company’s objectives," Petrobras said as quoted by The Wall Street Journal.
BR Distribuidora operates some 7,500 gas stations across Brazil, according to the newspaper.
Last month, Petrobras reported that its May output increased by five percent as compared to April.
The company is trying to restore its reputation and raise capital following the corruption scandal that led to the launch of impeachment proceedings against president Dilma Rousseff who headed Petrobras in 2003-2010.
