By Lise Alves, Senior Contributing Reporter
SÃO PAULO, BRAZIL – Moving forward with its divestment plan and Petrobras officials announced last week the sale of its Chilean subsidiary, PCD, to private equity firm Southern Cross Group for more than US$460 million. PCD is a fuel distribution company in Chile with 279 gas stations, eight distribution terminals, operations at eleven airports, participation in two logistics companies, and one lubricant plant.
This is the latest effort by Petrobras to reduce costs and increase cash flow. The cash-strapped company announced last January it was reducing by 25 percent, or US$32 . . .