Brazil's Petrobras wants to sell its assets in Paraguay.

Markets Associated Press

Brazil's state-owned oil company has initiated the process for the sale of assets in neighboring Paraguay.

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Petrobras said Friday in a securities filing posted on its website that it wants to sell its full equity stake in three subsidiaries based in Paraguay. The three subsidiaries distribute and sell fuel, liquefied petroleum gas and lubricants. They also operate 197 service stations and 113 convenience stores.

The company is also present in Paraguay's aviation sector, with operations in three airports.