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By Lise Alves, Senior Contributing Reporter

SÃO PAULO, BRAZIL – Brazil’s oil giant, Petrobras, announced on Wednesday (November 17th) that its Board of Directors has approved the sale of its subsidiary, Liquigás Distribuidora S.A., to Brazil's Ultragaz S.A. for the purchasing price of approximately R$2.8 billion.

“At the beginning when we announced that we were going to make this divestment came out some news reporting that the sale would be for R$1.5 billion. Now we sell for almost double. So we are all very pleased with the results of this divestment . . .

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