RIO DE JANEIRO, BRAZIL - Açu Petróleo will resume plans for an initial public offering later this year to finance expansion, the oil terminal operator's CEO Victor Bomfim said.
The company, a joint venture between Prumo Logística and Oiltanking, is to use the IPO proceeds to finance a R$2.5 billion (US$503 million) storage tank project at its Rio de Janeiro facilities to connect to Brazil's pipeline network, Bomfim said in an interview Tuesday.
The company seeks to leverage Brazil's growing oil exports. Its terminal at the Port of Açu is close . . .